HB196 Alabama 2013 Session

Updated Jul 24, 2021

Summary

Primary Sponsor: Ken Johnson
Republican
Co-Sponsor: Mike Hill
Session: Regular Session 2013
Title: Minors, Uniform Transfers to Minors Act, transfers by person obligated to minor, aggregate limit deleted, transfers to adult family members or bank under certain conditions restricted, Sec. 35-5A-8 am'd.
Description: Under existing law, the Uniform Transfer to Minors Act authorizes a transfer of property to a custodian for the benefit of a minor. An irrevocable transfer by a person who is otherwise obligated to a minor may not exceed $10,000 in aggregate.
This bill would delete the $10,000 limit on transfers by a person obligated to a minor.
Under existing law, if a custodian has not been nominated or a custodian dies or is unable to serve, a transfer may be made to an adult member of the minor's family or a bank or other financial institution.
This bill would limit a transfer under this provision to transfers which do not exceed $50,000.
Subjects: Banks and Banking