1. Subject to subsections 2 and 3, a person not subject to section 565B.5 or 565B.6 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 pursuant to section 565B.9.
2. If a person having the right to do so under section 565B.3 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 section 565B.3, 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 ten thousand dollars in value.
4. A person making a distribution under this section is relieved of all accountability with respect to the property once the property has been distributed.
5. This section does not apply to any amounts due a minor for services rendered by the minor.
86 Acts, ch 1035, § 7; 87 Acts, ch 87, §2
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