Nevada Revised Statutes 167.029 – Transfer by debtor or person holding property of minor
1. A person not subject to NRS 167.025 or 167.027 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 the provisions of this chapter.
Terms Used In Nevada Revised Statutes 167.029
- Adult: means a person who has attained the age of 18 years. See Nevada Revised Statutes 167.020
- Conservator: means a person appointed or qualified by a court to act as general, limited or temporary guardian of a minor"s property or any other person legally authorized to perform substantially the same functions. See Nevada Revised Statutes 167.020
- Custodial property: means :
(a) Any interest in property transferred to a custodian in a manner prescribed in this chapter; and
(b) The income from and the proceeds of that interest in property. See Nevada Revised Statutes 167.020
- Custodian: means a person so designated in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
- Minor: means a person who has not attained the age of 18 years. See Nevada Revised Statutes 167.020
- Person: means any natural person, corporation, organization or other legal entity. See Nevada Revised Statutes 167.020
- Transfer: means a transaction which creates custodial property in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
- Trust company: means a financial institution, corporation or other legal entity authorized to exercise general trust powers. See Nevada Revised Statutes 167.020
2. If a person has nominated a custodian under NRS 167.033 to receive the custodial property, the transfer must be made to that person.
3. If no custodian has been nominated, or if all persons so nominated 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.