Tex.
Prop. Code Section 141.008
Transfer by Obligor
(a)
Subject to Subsections (b) and (c), a person who is not subject to Section 141.006 (Transfer Authorized by Will or Trust) or 141.007 (Other Transfer by Fiduciary) 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 (Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control).(b)
If a person who has the right to nominate a custodian under Section 141.004 (Nomination of Custodian) has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.(c)
If a custodian has not been nominated under Section 141.004 (Nomination of Custodian), 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.
Source:
Section 141.008 — Transfer by Obligor, https://statutes.capitol.texas.gov/Docs/PR/htm/PR.141.htm#141.008 (accessed May 11, 2024).
