Illinois General Assembly - Illinois Compiled Statutes

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760 ILCS 20/8

(760 ILCS 20/8) (from Ch. 110 1/2, par. 258)

Sec. 8.

Transfer by Other Obligor.

(a) Subject to subsections (b) and
(c), a person not subject
to Section 5, 6 or 7 who 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 pursuant to Section 10.

(b) If a person having the right to do so under Section 4 has nominated
a custodian under that Section to receive the custodial property, the
transfer must be made to that person.

(c) If no custodian has been nominated under Section 4, or all persons
so 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 $50,000 in value.

(Source: P.A. 84-1129.)