Montana Code 72-26-607. Transfer by obligor
72-26-607. Transfer by obligor. (1) Subject to subsections (2) and (3), a person not subject to 72-26-605 or 72-26-606 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 72-26-603.
Terms Used In Montana Code 72-26-607
- Adult: means an individual who has attained the age of 21 years. See Montana Code 72-26-502
- Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Montana Code 72-26-502
- Custodial property: means :
(a)any interest in property transferred to a custodian under this chapter; and
(b)the income from and proceeds of that interest in property. See Montana Code 72-26-502
- Custodian: means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801. See Montana Code 72-26-502
- Minor: means an individual who has not attained the age of 21 years. See Montana Code 72-26-502
- Person: means an individual, corporation, organization, or other legal entity. See Montana Code 72-26-502
- Property: means real and personal property. See Montana Code 1-1-205
- Transfer: means a transaction that creates custodial property under 72-26-603. See Montana Code 72-26-502
- Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Montana Code 72-26-502
(2)If a person having the right to do so under 72-26-601 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 72-26-601 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 $10,000 in value.