Louisiana Revised Statutes 9:757 – Transfer by obligor
Terms Used In Louisiana Revised Statutes 9:757
- Adult: means an individual who has attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
- Custodial property: means any interest in property transferred to a custodian under this Subpart and the income from and proceeds of that interest in property. See Louisiana Revised Statutes 9:751
- Custodian: means a person so designated under Louisiana Revised Statutes 9:751
- Minor: means an individual who has not attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
- Person: means an individual, corporation, organization, or other legal entity. See Louisiana Revised Statutes 9:751
- Transfer: means a transaction that creates custodial property under Louisiana Revised Statutes 9:751
- Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Louisiana Revised Statutes 9:751
- Tutor: means a person appointed or qualified by a court to act as guardian of a minor's property or a person legally authorized to perform substantially the same functions, including but not limited to a curator. See Louisiana Revised Statutes 9:751
A. Subject to Subsections B and C of this Section, a person, not subject to the provisions of La. Rev. Stat. 9:755 or 756, who holds property of or owes a liquidated debt to a minor not having a tutor may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to La. Rev. Stat. 9:759.
B. If a person having the right to do so under La. Rev. Stat. 9:753 has nominated a custodian under that Section to receive the custodial property, the transfer shall be made to that person.
C. If no custodian has been nominated under La. Rev. Stat. 9:753, 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 in value.
Acts 1987, No. 469, §1, eff. Jan. 1, 1988.