Utah Code 75A-8-123. Effect on existing custodianships
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(1) Any transfer of custodial property as now defined in this chapter made before July 1, 1990, is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
Terms Used In Utah Code 75A-8-123
- Custodial property: means :(7)(a) any interest in property transferred to a custodian under this chapter; and(7)(b) the income from and proceeds of that interest in property. See Utah Code 75A-8-102
- Minor: means an individual who is under 21 years old. See Utah Code 75A-8-102
- Property: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102- Transfer: means a transaction that creates custodial property under Section
75A-8-109 . See Utah Code 75A-8-102(2) This chapter applies to all transfers made before July 1, 1990, in a manner and form prescribed in the Uniform Gifts to Minors Act, except as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1990.(3) Sections75A-8-102 and75A-8-121 regarding the age of a minor for whom custodial property is held under this chapter do not apply to custodial property held in a custodianship that terminated because of the minor’s attainment of the age of majority and before July 1, 1990.