(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to ยง 28-72-403, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.
(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
Section: Previous 28-72-402 28-72-403 28-72-404 28-72-405 28-72-406 28-72-407 28-72-408 28-72-409 28-72-410 28-72-411 28-72-412 28-72-413 28-72-414 28-72-415 NextLast modified: November 15, 2016