404.031. Custodian if no appointed conservator, who may serve--approval of court required when--bond required when--court's powers.
Custodian if no appointed conservator, who may serve--approval ofcourt required when--bond required when--court's powers.
404.031. 1. If there is no appointed conservator foradministration of a minor's estate, any person indebted to aminor, including a personal representative, trustee, benefitplan, insurance company, agency of any state or of the UnitedStates, or any person holding property belonging to a minor, nothaving a power from a donor to designate a custodian, maydesignate and transfer the property to any adult person orfinancial institution, including the transferor if a member ofthe minor's family, as custodian for the minor under sections404.005 to 404.094.
2. A minor who does not have an appointed conservator foradministration of the minor's estate may designate and transferproperty that the minor owns to any adult person or financialinstitution as custodian for the minor under sections 404.005 to404.094.
3. Approval of the court shall be obtained for anydesignation under subsection 1 or 2 of this section of acustodian that is not a financial institution, if the value ofthe property at the time of transfer to the designated custodianexceeds ten thousand dollars. The court may approve thedesignation under subsection 1 or 2 of this section of anyperson to act as custodian to hold and administer the propertywith or without bond and with or without court supervision, uponsuch terms as the court may require, and may order transfer ofthe property to a court supervised conservator.
(L. 1985 S.B. 35, et al. § 3 subsec. 5, A.L. 1989 H.B. 145)