§560:5-104 Facility of transfer. (a) Unless a person required to transfer money or personal property to a minor knows that a conservator has been appointed or that a proceeding for appointment of a conservator of the estate of the minor is pending, the person may do so, as to an amount or value not exceeding $10,000 a year, by transferring it to:
(1) A person who has the care and custody of the minor and with whom the minor resides;
(2) A guardian of the minor;
(3) A custodian under chapter 553A, the Uniform Transfers To Minors Act or custodial trustee under chapter 554B, the Uniform Custodial Trust Act; or
(4) A federally-insured financial institution as a deposit in an interest-bearing account or certificate in the sole name of the minor and giving notice of the deposit to the minor.
(b) A person who transfers money or property in compliance with this section is not responsible for its proper application.
(c) A guardian or other person who receives money or property for a minor under subsection (a)(1) or (2) shall only apply it to the support, care, education, health, and welfare of the minor, and may not derive a personal financial benefit except for reimbursement for necessary expenses. Any excess shall be preserved for the future support, care, education, health, and welfare of the minor, and any balance shall be transferred to the minor upon emancipation or attaining majority. [L 2004, c 161, pt of §1]
Section: Previous 560-4-302 560-4-303 560-4-401 560-5-101 560-5-101-to-560-5-105 560-5-102 560-5-103 560-5-104 560-5-105 560-5-106 560-5-107 560-5-108 560-5-109 560-5-110 560-5-111 NextLast modified: October 27, 2016