Rhode Island General Laws 18-7-8. Transfer by obligor
(a) Subject to subsections (b) and (c) of this section, a person not subject to § 18-7-6 or 18-7-7, 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 § 18-7-10.
Terms Used In Rhode Island General Laws 18-7-8
- Adult: means an individual who has attained the age of twenty-one (21) years. See Rhode Island General Laws 18-7-2
- 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 Rhode Island General Laws 18-7-2
- Custodial property: means :
(i) Any interest in property transferred to a custodian under this chapter; and
(ii) The income from and proceeds of that interest in property. See Rhode Island General Laws 18-7-2
- Custodian: means a person designated under § 18-7-10 or a successor or substitute custodian designated under § 18-7-19. See Rhode Island General Laws 18-7-2
- Minor: means an individual who has not attained the age of twenty-one (21) years. See Rhode Island General Laws 18-7-2
- Person: means an individual, corporation, organization, or other legal entity. See Rhode Island General Laws 18-7-2
- Transfer: means a transaction that creates custodial property under § 18-7-10. See Rhode Island General Laws 18-7-2
- Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Rhode Island General Laws 18-7-2
(b) If a person having the right to do so under § 18-7-4 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(c) If no custodian has been nominated under § 18-7-4, or all persons 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.
History of Section.
P.L. 1985, ch. 389, § 2.