Virginia Code 64.2-1913: Use of custodial property
A. A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (i) the duty or ability of the custodian personally or of any other person to support the minor or (ii) any other income or property of the minor which may be applicable or available for that purpose.
Terms Used In Virginia Code 64.2-1913
- Court: means the circuit court having appropriate jurisdiction. See Virginia Code 64.2-1900
- 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 Virginia Code 64.2-1900
- Custodian: means a person so designated under § Virginia Code 64.2-1900
- Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
- Transfer: means a transaction that creates custodial property under § Virginia Code 64.2-1900
B. At any time a custodian may, without court order, transfer all or part of the custodial property to a qualified minor’s trust. Such a transfer terminates the custodianship to the extent of the custodial property transferred.
C. On petition of an interested person or the minor if the minor has attained the age of 14 years, the court may order the custodian to deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.
D. A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.