Procedure in lieu of conservatorship for minor

1. If a conservator has not been appointed for a minor, money due to a minor or other property to which a minor is entitled, not exceeding in the aggregate fifty thousand dollars in value, shall be paid or delivered to one or more of the following: a. A custodian under the uniform transfer to minor account established for the protected person pursuant to chapter 565B or the laws of any other state. b. A custodial trustee under a uniform custodial trust account established for the protected person pursuant to chapter 633F or the laws of any other state. c. An account owner or participant under a college savings plan account established for the protected person pursuant to section 529 of the Internal Revenue Code or chapter 12D. d. The account owner under an ABLE account established for the protected person with disabilities pursuant to section 529A of the Internal Revenue Code or chapter 12I. e. The structured settlement obligor, as defined in section 682.2, of a structured settlement, as defined in section 682.2, established for the benefit of the protected person, where the protected person will not begin receiving payments from the structured settlement prior to reaching age eighteen. 2. If a conservator has not been appointed for a minor, and the money due to a minor or other property to which a minor is entitled exceeds fifty thousand dollars in the aggregate, the property may be paid or delivered in the manner set forth in subsection 1 only if such transfer is authorized by the court. 3. The written receipt of the custodian constitutes an acquittance of the person making the payment of money or delivery of property.