385.072 Transfer by obligor. (1) Subject to subsections (2) and (3) of this section, a person not subject to KRS 385.052 or 385.062 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 mi nor pursuant to KRS 385.092. (2) If a person having the right to do so under KRS 385.032 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 KRS 385.032, 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 e xceeds ten thousand dollars ($10,000) in value. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 7, effective July 15, 1986.
Kentucky Legal Code