Section 13.60.040. Transfer to custodial trustee by fiduciary, obligor, or other person; facility of payment.

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   (a) Unless otherwise directed by an instrument designating a custodial trustee under AS 13.60.020, 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 $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 under this section.

Authorities

13.60.090

Notes

References

AS 13.60.090 Determination of incapacity; effect.

History

(Sec. 1 ch 10 SLA 1994)

                    
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