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AL SB199
Bill
AI Summary
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Deletes the $10,000 aggregate limit on transfers to a custodian for minors under the Transfer to Minors Act in Alabama Code Section 35-5A-8.
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Requires transfers to be made to a nominated custodian if one has been designated under Section 35-5A-4.
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Allows transfers to an adult family member of the minor or a trust company when no custodian has been nominated or all nominated custodians are unable or unwilling to serve, provided the property does not exceed $50,000 in value.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
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Senate passed April 16, 2013; House passed May 7, 2013.
Legislative Description
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.
Banks and Banking
Last Action
Delivered to Governor at 10:15 a.m. on May 9, 2013
5/9/2013