§ 64.2-1913 Use of custodial property
A. A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (i) the duty or ability of the custodian personally or of any other person to support the minor or (ii) any other income or property of the minor which may be applicable or available for that purpose.
B. At any time a custodian may, without court order, transfer all or part of the custodial property to a qualified minor’s trust. Such a transfer terminates the custodianship to the extent of the custodial property transferred.
C. On petition of an interested person or the minor if the minor has attained the age of 14 years, the court may order the custodian to deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.
D. A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.
History
This law was first created in 1988. The record of its establishment is cataloged in chapter 516 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1988 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2007, chapter 307; in 2012, chapter 614.
1988, c. 516, § 31-50; 2007, c. 307; 2012, c. 614.