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1995 SESSION

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CHAPTER 444 An Act to amend and reenact § 55-34.5 of the Code of Virginia, relating to the Uniform Custodial Trust Act. [H 1924] Approved March 20, 1995

Be it enacted by the General Assembly of Virginia:

1. That § 55-34.5 of the Code of Virginia is amended and reenacted as follows:

§ 55-34.5. Transfer to custodial trustee by fiduciary or obligor; facility of payment.

A. Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 55-34.3, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds $10,000, the transfer is not effective unless authorized by the court.

B. With court approval, any person, including a conservator, guardian or other fiduciary who holds property of or owes a debt to an incapacitated individual, may make a transfer to any person as a custodial trustee for the use and benefit of the incapacitated individual. The court, in the exercise of its discretion, may require the custodial trustee to furnish a bond with surety for the faithful performance of his fiduciary duties.

C. A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.