Section 54.866. Transfer by obligor.

 

(1)  Subject to subs. (2) and (3) , a person not subject to s. 54.862 or 54.864 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 under s. 54.870 .

(2)  If a person having the right to do so under s. 54.858 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 s. 54.858 , 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 exceeds $10,000 in value.

1987 a. 191 ; 2005 a. 387 s. 533 ; Stats. 2005 s. 54.866.