SB199 Alabama 2013 Session

Sponsors

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

<p class="bill_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</p><p class="bill_description"> This bill would delete the $10,000 limit on transfers by a person obligated to a minor</p><p class="bill_description"> 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</p><p class="bill_description"> This bill would limit a transfer under this provision to transfers which do not exceed $50,000</p><p class="bill_entitled_an_act"> To amend Section 35-5A-8 of the Code of Alabama 1975, relating to transfers under the Transfer to Minors Act; to delete the limitation on transfers to a custodian and to limit transfers to adult members of the minor's family or a financial institution when a custodian has not been nominated or is otherwise unable to serve. </p>

Subjects

Banks and Banking