§ 21-307. Transfer by obligor.

Current through October 23, 2012

(a) Subject to subsection (b) and (c) of this section, a person not subject to section 21-305 or 21-306 and 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 21-309.

(b) If a person having the right to do so under section 21-303 has nominated a custodian under that section to receive the custodial property, then the transfer must be made to that person.

(c) With the exception of section 21-120, if no custodian has been nominated under section 21-303, or if all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, then 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.

                
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(Mar. 12, 1986, D.C. Law 6-87, § 2(a), 33 DCR 278; Apr. 30, 1988, D.C. Law 7-104, § 6(b), 35 DCR 147; Feb. 5, 1994, D.C. Law 10-68, § 21, 40 DCR 6311.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 21-307.

Legislative History of Laws

For legislative history of D.C. Law 6-87, see Historical and Statutory Notes following § 21-301.

For legislative history of D.C. Law 7-104, see Historical and Statutory Notes following § 21-302.

D.C. Law 10-68, the "Technical Amendments Act of 1993," was introduced in Council and assigned Bill No. 10-166, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on June 29, 1993, and July 13, 1993, respectively. Signed by the Mayor on August 23, 1993, it was assigned Act No. 10-107 and transmitted to both Houses of Congress for its review. D.C. Law 10-68 became effective on February 5, 1994.

Uniform Law

This section is based upon § 7 of the Uniform Transfers to Minors Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.