1. (a) Subject to Subsections (b) and (c), a person who is not subject to Section 141.006 or 141.007 and who holds property, including a benefit plan of a minor who does not have a guardian, or who owes a liquidated debt to a minor who does not have a guardian may make an irrevocable transfer to a custodian for the benefit of the minor under Section 141.010.
2. (b) If a person who has the right to nominate a custodian under Section 141.004 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
3. (c) If a custodian has not been nominated under Section 141.004, or all persons 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 $25,000 in value.

Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 8 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.

Acts 2007, 80th Leg., R.S., Ch. 451 (H.B. 564), Sec. 18, eff. September 1, 2007.

Acts 2015, 84th Leg., R.S., Ch. 622 (S.B. 1202), Sec. 2, eff. September 1, 2015.