(a) Any person indebted to a minor or having possession of property belonging to a minor in an amount not exceeding twenty-five thousand dollars ($25,000) may pay the debt or deliver the property without the appointment of a guardian, giving of bond, or other order of court directly to:
- (1) any person having the care and custody of the minor with whom the minor resides; or
- (2) a custodian for the benefit of the minor under IC 30-2-8.5 .
- (b) Persons receiving property for a minor under this section are obligated to apply the property to the support, use, and benefit of the minor.
- (c) This section does not apply if the person paying or delivering the property knows that a guardian has been appointed for the minor or that proceedings for appointment of a guardian for the minor are pending.
- (d) A person who pays or delivers property in accordance with this section in good faith is not responsible for the proper application of that property.
As added by P.L.169-1988, SEC.1. Amended by P.L.264-1989, SEC.4; P.L.42-1998, SEC.3; P.L.252-2001, SEC.26; P.L.105-2026, SEC.2.