Sec. 22. (a) A person not subject to section 20 or 21 of this chapter that holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor under section 24 of this chapter.

     (b) If a person having the right to nominate a custodian under section 18 of this chapter has nominated a custodian under that section to receive the custodial property, the transfer shall be made to the custodian.

As added by P.L.267-1989, SEC.2.

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Terms Used In Indiana Code 30-2-8.5-22

  • custodial property: means :

    Indiana Code 30-2-8.5-4

  • custodian: means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter. See Indiana Code 30-2-8.5-5
  • minor: means an individual who is less than twenty-one (21) years of age. See Indiana Code 30-2-8.5-10
  • person: means an individual, corporation, organization, or other legal entity. See Indiana Code 30-2-8.5-11
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • transfer: means a transaction that creates custodial property under section 24 of this chapter. See Indiana Code 30-2-8.5-14
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