SB199 Alabama 2013 Session

Updated Feb 27, 2026

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Summary

Primary Sponsor: Tammy Irons
Democrat
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.
Summary: SB199 tweaks Alabama's Transfer to Minors Act by changing who can receive custodial transfers when a custodian isn't available and setting value limits for those transfers.
What This Bill Does
If a custodian is designated, transfers to the minor's custodian are allowed up to a $10,000 aggregate value. If a custodian has been nominated under the related section, the transfer must go to that custodian. If no custodian is nominated or all nominees cannot serve, the transfer may go to an adult family member or to a trust company, but only if the property value does not exceed $50,000. The act becomes law on the first day of the third month after the governor signs it.

Who It Affects
Minors who have property owed to them or held for them, and the individuals who would transfer that property (such as creditors or others owed a debt).
Adult members of the minor's family and financial institutions (trust companies or banks) who could receive transfers when no custodian is available, subject to the $50,000 cap.

Key Provisions
Transfers to a custodian under 35-5A-10 are allowed but capped at $10,000 aggregate per transfer.
If a custodian has been nominated under 35-5A-4, the transfer must go to that nominated custodian.
If no custodian is nominated or all nominees cannot serve, transfers may go to an adult family member or to a trust company, but only if the value is $50,000 or less.
Effective date: first day of the third month after governor approval; status: signed May 9, 2013.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Banks and Banking