Louisiana Revised Statutes 9:2260.5 – Transfer to custodial trustee by fiduciary or obligor; facility of payment
Terms Used In Louisiana Revised Statutes 9:2260.5
- Adult: means an individual who has attained the age of eighteen years. See Louisiana Revised Statutes 9:2260.1
- Court: means a court of competent jurisdiction. See Louisiana Revised Statutes 9:2260.1
- Curator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Louisiana Revised Statutes 9:2260.1
- Custodial trustee: means a person designated as trustee of a custodial trust under this Chapter or a substitute or successor to the person designated. See Louisiana Revised Statutes 9:2260.1
- Fiduciary: A trustee, executor, or administrator.
- Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause. See Louisiana Revised Statutes 9:2260.1
- Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Louisiana Revised Statutes 9:2260.1
- Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Louisiana Revised Statutes 9:2260.1
- Trustee: A person or institution holding and administering property in trust.
A. Unless otherwise directed by an instrument designating a custodial trustee pursuant to La. Rev. Stat. 9:2260.3, 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 curator 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, 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.
Acts 1995, No. 655, §1, eff. Jan. 1, 1998.