(a) Subject to paragraphs (b) and (c), a person not subject to section 527.25 or 527.26 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 section 527.29.
(b) If a person having the right to do so under section 527.23 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 section 527.23, or all persons so 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.
1985 c 221 s 7
Structure Minnesota Statutes
Chapters 524 - 532 — Probate; Property; Estates; Guardianships; Anatomical Gifts
Chapter 527 — Uniform Transfers To Minors Act
Section 527.22 — Scope And Jurisdiction.
Section 527.23 — Nomination Of Custodian.
Section 527.24 — Transfer By Gift Or Exercise Of Power Of Appointment.
Section 527.25 — Transfer Authorized By Will Or Trust.
Section 527.26 — Other Transfer By Fiduciary.
Section 527.27 — Transfer By Obligor.
Section 527.28 — Receipt For Custodial Property.
Section 527.30 — Single Custodianship.
Section 527.31 — Validity And Effect Of Transfer.
Section 527.32 — Care Of Custodial Property.
Section 527.33 — Powers Of Custodian.
Section 527.34 — Use Of Custodial Property.
Section 527.35 — Custodian's Expenses, Compensation, And Bond.
Section 527.36 — Exemption Of Third Person From Liability.
Section 527.37 — Liability To Third Persons.
Section 527.39 — Accounting By And Determination Of Liability Of Custodian.
Section 527.40 — Transfer Upon Termination Of Custodianship.
Section 527.405 — Conveyance By Custodian.
Section 527.41 — Applicability.
Section 527.42 — Effect On Existing Custodianships.