72-26-607. Transfer by obligor. (1) Subject to subsections (2) and (3), a person not subject to 72-26-605 or 72-26-606 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 72-26-603.
(2) If a person having the right to do so under 72-26-601 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 72-26-601 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.
History: En. Sec. 9, Ch. 102, L. 1985.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 26. Uniform Transfers to Minors Act
Part 6. Manner of Creating Custodial Property and Effecting Transfer
72-26-601. Nomination of custodian
72-26-602. Single custodianship
72-26-604. Transfer by gift or exercise of power of appointment
72-26-605. Transfer authorized by will or trust
72-26-606. Other transfer by fiduciary
72-26-607. Transfer by obligor