1. (a) A person not subject to section 20 or 21 of this chapter that 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 under section 24 of this chapter.
2. (b) If a person having the right to nominate a custodian under section 18 of this chapter has nominated a custodian under that section to receive the custodial property, the transfer shall be made to the custodian.
3. (c) A trustee or administrator of a retirement plan, life insurance plan, or employee profit or stock sharing plan of which a minor is a designated beneficiary may transfer funds due under the plan to the minor under subsection (a).

As added by P.L.267-1989, SEC.2. Amended by P.L.105-2026, SEC.5.