Sec. 37. (a) A transfer of custodial property made before July 1, 1989, is validated even if there was no specific authority in the Indiana uniform gifts to minors act (IC 30-2-8) for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

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Terms Used In Indiana Code 30-2-8.5-37

  • custodial property: means :

    Indiana Code 30-2-8.5-4

  • custodian: means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter. See Indiana Code 30-2-8.5-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • transfer: means a transaction that creates custodial property under section 24 of this chapter. See Indiana Code 30-2-8.5-14
     (b) This chapter applies to all transfers made before July 1, 1989, in a manner and form prescribed in the Indiana uniform gifts to minors act (IC 30-2-8) except to the extent:

(1) the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1989; or

(2) provided in subsection (c).

     (c) The amendments to IC 30-2-8 made by Acts 1973, P.L.293; do not apply to a custodian account established in accordance with IC 30-2-8 before January 1, 1974.

As added by P.L.267-1989, SEC.2.

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