Kentucky Statutes 385.072 – Transfer by obligor
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(1) Subject to subsections (2) and (3) of this section, a person not subject to KRS
385.052 or 385.062 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to KRS § 385.092.
(2) If a person having the right to do so under KRS § 385.032 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(3) If no custodian has been nominated under KRS § 385.032, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family or to a trust company unless the property exceeds ten thousand dollars ($10,000) in value.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 7, effective July 15, 1986.
385.052 or 385.062 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to KRS § 385.092.
Terms Used In Kentucky Statutes 385.072
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
(2) If a person having the right to do so under KRS § 385.032 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(3) If no custodian has been nominated under KRS § 385.032, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family or to a trust company unless the property exceeds ten thousand dollars ($10,000) in value.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 7, effective July 15, 1986.