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.
Delivered to Governor at 10:15 a.m. on May 9, 2013
Assigned Act No. 2013-250.
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1121
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Motion to Read a Third Time and Pass adopted Roll Call 460
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Judiciary
Source: Alabama Legislature