Utah Code 75-5a-108. Transfer by obligor
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(1) Subject to Subsections (2) and (3) , a person not subject to Section 75-5a-106 or 75-5a-107 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 under Section 75-5a-110 .
Terms Used In Utah Code 75-5a-108
- Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Utah Code 75-1-201 v2
- Minor: means a person who is under 18 years old. See Utah Code 75-1-201 v2
- Person: means an individual or an organization. See Utah Code 75-1-201 v2
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2(2) If a person having the right under Section
75-5a-104 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 Section75-5a-104 , 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 $10,000 in value.