Vermont Statutes Title 14 Sec. 3217
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Vermont Statutes Title 14 Sec. 3217
- Custodial property: means :
- Custodian: means a person so designated under section 3219 of this title or a successor or substitute custodian designated under section 3228 of this title. See
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Minor: means an individual who has not attained 21 years of age. See
- Person: means an individual, corporation, organization, or other legal entity. See
- Transfer: means a transaction that creates custodial property under section 3219 of this title. See
§ 3217. Transfer by obligor
(a) Subject to subsections (b) and (c) of this section, a person not subject to section 3215 or 3216 of this title who holds property of or owes a liquidated debt to a minor not having a financial guardian may make an irrevocable transfer to a custodian for the benefit of the minor, pursuant to section 3219 of this title.
(b) If a person having the right to do so under section 3213 of this title has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person. (Added 2015, No. 7, § 1.)