A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter. An acknowledgment of delivery by a custodian, who believes in good faith that the transfer does not exceed the limitations on value prescribed in Sections 35-5A-7(c) and 35-5A-8(c), is a sufficient receipt and discharge in accordance with this section, even though the values may subsequently be determined to exceed the value limitations.
Ala. Code § 35-5A-9
Receipt and Discharge for Transfer of Custodial Property.
Known as the Alabama Uniform Transfers to Minors Act
The act spans §§ 35-5A-1–35-5A-9 (24 sections).
(Acts 1986, No. 86-453, p. 819, §8.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.