2023 Pennsylvania Consolidated & Unconsolidated Statutes
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 53 - Pennsylvania Uniform Transfers to Minors Act
Section 5307 - Transfer by obligor

Universal Citation:
20 PA Cons Stat § 5307 (2023)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
§ 5307. Transfer by obligor.

(a) Irrevocable transfer for benefit of minor.--Subject to subsections (b) and (c), a person not subject to section 5305 (relating to transfer authorized by will or trust) or 5306 (relating to other transfer by fiduciary) who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 5309 (relating to manner of creating custodial property and effecting transfer).

(b) Transfer to custodian.--If a person having the right to do so under section 5303 (relating to nomination of custodian) has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.

(c) Transfer to minor's family or trust company.--If no custodian has been nominated under section 5303 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 $10,000 in value.

Cross References. Section 5307 is referred to in section 5320 of this title.

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