CHAPTER 8.5. INDIANA UNIFORM TRANSFERS TO MINORS ACT
IC 30-2-8.5
Chapter 8.5. Indiana Uniform Transfers to Minors Act
IC 30-2-8.5-1
"Adult" defined
Sec. 1. As used in this chapter, "adult" means an individual whois at least twenty-one (21) years of age.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-2
"Benefit plan" defined
Sec. 2. As used in this chapter, "benefit plan" means anemployer's plan for the benefit of an employee or partner.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-3
"Broker" defined
Sec. 3. As used in this chapter, "broker" means a person lawfullyengaged in the business of effecting transactions in securities orcommodities, or both, for the person's own account or for the accountof others, or both.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-4
"Custodial property" defined
Sec. 4. As used in this chapter, "custodial property" means:
(1) an interest in property transferred to a custodian under thischapter; and
(2) the income from and proceeds of that interest in property.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-5
"Custodian" defined
Sec. 5. As used in this chapter, "custodian" means a persondesignated as a custodian under section 24 of this chapter or asuccessor or substitute custodian designated under section 33 of thischapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-6
"Financial institution" defined
Sec. 6. As used in this chapter, "financial institution" means abank, trust company, savings institution, or credit union charteredand supervised under state or federal law.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-7
"Guardian" defined
Sec. 7. As used in this chapter, "guardian" has the meaning setforth in IC 29-3-1-6.As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-8
"Legal representative" defined
Sec. 8. As used in this chapter, "legal representative" means anindividual's personal representative or guardian.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-9
"Members of the minor's family" defined
Sec. 9. As used in this chapter, "member of the minor's family"means the minor's parent, stepparent, spouse, grandparent, brother,sister, uncle, or aunt, whether of the whole or half blood or byadoption.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-10
"Minor" defined
Sec. 10. As used in this chapter, "minor" means an individual whois less than twenty-one (21) years of age.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-11
"Person" defined
Sec. 11. As used in this chapter, "person" means an individual,corporation, organization, or other legal entity.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-12
"Personal representative" defined
Sec. 12. As used in this chapter, "personal representative" meansan executor, administrator, successor personal representative, orspecial administrator of a decedent's estate or a person legallyauthorized to perform substantially the same functions.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-13
"State" defined
Sec. 13. As used in this chapter, "state" includes a state of theUnited States, the District of Columbia, the Commonwealth ofPuerto Rico, and a territory or possession subject to the legislativeauthority of the United States.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-14
"Transfer" defined
Sec. 14. As used in this chapter, "transfer" means a transactionthat creates custodial property under section 24 of this chapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-15
"Transferor" defined
Sec. 15. As used in this chapter, "transferor" means a person whomakes a transfer under this chapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-16
"Trust company" defined
Sec. 16. As used in this chapter, "trust company" means afinancial institution, corporation, or other legal entity authorized toexercise general trust powers.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-17
Scope and jurisdiction
Sec. 17. (a) This chapter applies to a transfer that refers to thischapter in the designation under section 24(a) of this chapter bywhich the transfer is made if, at the time of the transfer, thetransferor, the minor, or the custodian is a resident of Indiana or thecustodial property is located in Indiana. The custodianship createdunder this section remains subject to this chapter despite:
(1) a change in residence of:
(A) a transferor;
(B) the minor; or
(C) the custodian; or
(2) the removal of custodial property from Indiana.
(b) A person designated as custodian under this chapter is subjectto personal jurisdiction in Indiana with respect to a matter relating tothe custodianship.
(c) A transfer that purports to be made and that is valid under theuniform transfers to minors act, the uniform gifts to minors act or asubstantially similar act of another state is governed by the law of thedesignated state and may be executed and is enforceable in Indianaif at the time of the transfer the transferor, the minor, or the custodianis a resident of the designated state or the custodial property islocated in the designated state.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-18
Nomination of custodian
Sec. 18. (a) A person having the right to designate the recipient ofproperty transferable upon the occurrence of a future event mayrevocably nominate a custodian to receive the property for a minorbeneficiary upon the occurrence of the event by naming thecustodian, followed by the words: "as custodian for________________________ (name of minor) under the Indianauniform transfers to minors act". The nomination may name one (1)or more persons as substitute custodians to whom the property shallbe transferred, in the order named, if the first nominated custodiandies before the transfer or is unable, declines, or is ineligible to serve.
The nomination may be made in a will, a trust, a deed, an instrumentexercising a power of appointment, or in a writing designating abeneficiary of contractual rights that is registered with or deliveredto the payor, issuer, or other obligor of the contractual rights.
(b) A custodian nominated under this section must be a person towhom a transfer of property of that kind may be made under section24(a) of this chapter.
(c) The nomination of a custodian under this section does notcreate custodial property until the nominating instrument becomesirrevocable or a transfer to the nominated custodian is completedunder section 24 of this chapter. Unless the nomination of acustodian has been revoked, upon the occurrence of the future eventthe custodianship becomes effective and the custodian shall enforcea transfer of the custodial property under section 24 of this chapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-19
Transfer by gift or exercise of power of appointment
Sec. 19. A person may make:
(1) a transfer by irrevocable gift to; or
(2) an irrevocable exercise of a power of appointment in favorof;
a custodian for the benefit of a minor under section 24 of thischapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-20
Transfer authorized by will or trust; designation of custodian
Sec. 20. (a) A personal representative or trustee may make anirrevocable transfer under section 24 of this chapter to a custodianfor the benefit of a minor as authorized in the governing will or trust.
(b) If the testator or settlor has nominated a custodian undersection 18 of this chapter to receive the custodial property, thetransfer shall be made to that person.
(c) If the testator or settlor has not nominated a custodian undersection 18 of this chapter, or a person nominated as custodian diesbefore the transfer or is unable, declines, or is ineligible to serve, thepersonal representative or the trustee shall designate the custodianfrom among those eligible to serve as custodian for property of thatkind under section 24(a) of this chapter. The personal representativeor trustee may be designated as custodian under this subsection if thepersonal representative or trustee is eligible to serve as custodian forproperty of that kind under section 24(a) of this chapter.
As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007,SEC.15.
IC 30-2-8.5-21
Other transfers by fiduciary; guardian as custodian
Sec. 21. (a) A personal representative or trustee may make anirrevocable transfer to another adult or trust company as custodian
for the benefit of a minor under section 24 of this chapter in theabsence of a will or under a will or trust that does not contain anauthorization to do so. The personal representative or trustee mayalso serve as the custodian of the transferred property if the personalrepresentative or trustee is qualified under section 24 of this chapter.
(b) A guardian may make an irrevocable transfer to another adultor trust company as custodian for the benefit of the minor undersection 24 of this chapter. The guardian may also serve as thecustodian of the transferred property if the guardian is qualifiedunder section 24 of this chapter.
(c) A transfer under subsection (a) or (b) may be made only if:
(1) the personal representative, trustee, or guardian considersthe transfer to be in the best interest of the minor;
(2) the transfer is not prohibited by or inconsistent withprovisions of the applicable will, trust agreement, or othergoverning instrument; and
(3) the transfer is authorized by the court if the propertytransferred exceeds ten thousand dollars ($10,000) in value.
As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007,SEC.16.
IC 30-2-8.5-22
Transfer by obligor
Sec. 22. (a) A person not subject to section 20 or 21 of thischapter that holds property of or owes a liquidated debt to a minornot having a guardian may make an irrevocable transfer to acustodian for the benefit of the minor under section 24 of thischapter.
(b) If a person having the right to nominate a custodian undersection 18 of this chapter has nominated a custodian under thatsection to receive the custodial property, the transfer shall be madeto the custodian.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-23
Receipt for custodial property
Sec. 23. A written acknowledgement of delivery by a custodianconstitutes a sufficient receipt and discharge for custodial propertytransferred to the custodian under this chapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-24
Manner of creating custodial property and effecting transfer;designation of initial custodian; control
Sec. 24. (a) Custodial property is created and a transfer is madeif:
(1) an uncertificated security or a certificated security inregistered form is:
(A) registered in the name of:
(i) the transferor; (ii) an adult other than the transferor; or
(iii) a trust company;
followed by the words: "as custodian for _________ (nameof minor) under the Indiana uniform transfers to minors act";or
(B) delivered if in certificated form, or a document necessaryfor the transfer of an uncertificated security is delivered,together with a necessary endorsement to an adult other thanthe transferor or to a trust company as custodian,accompanied by an instrument in substantially the form setforth in subsection (b);
(2) money is paid or delivered to a broker or financialinstitution for credit to an account in the name of:
(A) the transferor;
(B) an adult other than the transferor; or
(C) a trust company;
followed by the words: "as custodian for _________ (name ofminor) under the Indiana uniform transfers to minors act";
(3) the ownership of a life or endowment insurance policy orannuity contract is:
(A) registered with the issuer in the name of:
(i) the transferor;
(ii) an adult other than the transferor; or
(iii) a trust company;
followed by the words: "as custodian for _________ (nameof minor) under the Indiana uniform transfers to minors act";or
(B) assigned in a writing delivered to:
(i) an adult other than the transferor; or
(ii) a trust company;
whose name in the assignment is followed by the words: "ascustodian for ___________ (name of minor) under theIndiana uniform transfers to minors act";
(4) an irrevocable exercise of a power of appointment or anirrevocable present right to future payment is the subject of awritten notification delivered to the payor, issuer, or otherobligor that the right is transferred to:
(A) the transferor;
(B) an adult other than the transferor; or
(C) a trust company;
whose name in the notification is followed by the words: "ascustodian for _______ (name of minor) under the Indianauniform transfers to minors act";
(5) an interest in real property is recorded in the name of:
(A) the transferor;
(B) an adult other than the transferor; or
(C) a trust company;
followed by the words: "as custodian for __________ (name ofminor) under the Indiana uniform transfers to minors act";
(6) a certificate of title issued by a department or agency of a
state or of the United States that evidences title to tangiblepersonal property is:
(A) issued in the name of:
(i) the transferor;
(ii) an adult other than the transferor; or
(iii) a trust company;
followed by the words: "as custodian for __________ (nameof minor) under the Indiana uniform transfers to minors act";or
(B) delivered and endorsed to:
(i) an adult other than the transferor; or
(ii) a trust company;
followed by the words: "as custodian for __________ (nameof minor) under the Indiana uniform transfers to minors act";or
(7) an interest in property not described in subdivisions (1)through (6) is transferred to:
(A) an adult other than the transferor; or
(B) a trust company;
by a written instrument in substantially the form set forth insubsection (b).
(b) An instrument in the following form satisfies the requirementsof subsection (a)(1)(B) and (a)(7):
TRANSFER UNDER THE INDIANA UNIFORM
TRANSFERS TO MINORS ACT
I, __________ (name of transferor or name and representativecapacity if a fiduciary) hereby transfer to _________ (name ofcustodian), as custodian for _________ (name of minor) under theIndiana uniform transfers to minors act, the following: (insert adescription of the custodial property sufficient to identify it).
Dated: _____
_________________
(Signature)
________ (name of custodian) acknowledges receipt of the propertydescribed above as custodian for the minor named above under theIndiana uniform transfers to minors act.
Dated: _____
____________________
(Signature of Custodian)
(c) A transferor shall place the custodian in control of thecustodial property as soon as practicable.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-25
Single custodianship
Sec. 25. A transfer may be made only for one (1) minor, and onlyone (1) person may be the custodian. All custodial property heldunder this chapter by the same custodian for the benefit of the sameminor constitutes a single custodianship.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-26
Validity and effect of transfer
Sec. 26. (a) The validity of a transfer made in a manner prescribedin this chapter is not affected by:
(1) the failure of the transferor to comply with section 24(c) ofthis chapter concerning possession and control;
(2) the designation of an ineligible custodian, exceptdesignation of the transferor in the case of property for whichthe transferor is ineligible to serve as custodian under section24(a) of this chapter; or
(3) the death or incapacity of a person nominated under section18 of this chapter or designated under section 24 of this chapteras custodian or the disclaimer of the office by that person.
(b) A transfer made under section 24 of this chapter is irrevocable,and the custodial property is indefeasibly vested in the minor, but thecustodian has all the rights, powers, duties, and authority provided inthis chapter and neither the minor nor the minor's legal representativehas a right, power, duty, or authority with respect to the custodialproperty except as provided in this chapter.
(c) By making a transfer, the transferor incorporates in thedisposition all the provisions of this chapter, and grants to thecustodian, and to a third person dealing with a person designated ascustodian, the respective powers, rights, and immunities provided inthis chapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-27
Care of custodial property
Sec. 27. (a) A custodian shall:
(1) take control of custodial property;
(2) register or record title to custodial property if appropriate;and
(3) collect, hold, manage, invest, and reinvest custodialproperty.
(b) In dealing with custodial property, a custodian shall observethe standard of care that would be observed by a prudent persondealing with property of another and is not limited by any otherstatute restricting investments by fiduciaries. If a custodian has aspecial skill or expertise or is named custodian on the basis ofrepresentations of a special skill or expertise, the custodian shall usethat skill or expertise. However, a custodian in the custodian'sdiscretion and without liability to the minor or the minor's estate,may retain custodial property received from a transferor.
(c) A custodian may invest in or pay premiums on life insuranceor endowment policies on:
(1) the life of the minor only if the minor or the minor's estateis the sole beneficiary; or
(2) the life of another person in whom the minor has aninsurable interest only to the extent that the minor, the minor'sestate, or the custodian in the capacity of custodian is the
irrevocable beneficiary.
(d) A custodian at all times shall keep custodial property separateand distinct from all other property in a manner sufficient to identifythe property clearly as custodial property of the minor. Custodialproperty consisting of an undivided interest is identified if theminor's interest is held as a tenant in common and is fixed. Custodialproperty subject to recordation is identified if the property isrecorded, and custodial property subject to registration is identifiedif the property is either registered or held in an account designated inthe name of the custodian, followed by the words: "as a custodian for_______________ (name of minor) under the Indiana uniformtransfers to minors act".
(e) A custodian shall keep records of all transactions with respectto custodial property, including information necessary for thepreparation of the minor's tax returns, and shall make them availablefor inspection at reasonable intervals by a parent or legalrepresentative of the minor or by the minor if the minor is at leastfourteen (14) years of age.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-28
Powers of custodian
Sec. 28. (a) A custodian acting in a custodial capacity has all therights, powers, and authority over custodial property that anunmarried adult owner has over the adult owner's own property, buta custodian may exercise those rights, powers, and authority in acustodial capacity only.
(b) This section does not relieve a custodian from liability forbreach of the requirements of section 27 of this chapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-29
Use of custodial property; transfer of property to trust
Sec. 29. (a) A custodian may deliver or pay to the minor orexpend for the minor's benefit so much of the custodial property asthe custodian considers advisable for the use and benefit of theminor, without court order and without regard to:
(1) the duty or ability of the custodian personally or of anyother person to support the minor; or
(2) any other income or property of the minor that may beapplicable or available for the support of the minor.
(b) At any time and without a court order, a custodian maytransfer part or all of the custodial property to a trust, including atrust created by the custodian, in which:
(1) the minor is the sole beneficiary of the trust; and
(2) the terms of the trust satisfy the requirements of Section2503(c) of the Internal Revenue Code and the regulations underthat section.
The transfer terminates the custodianship of the property to theextent of the transfer. (c) On petition of an interested person or the minor if the minoris at least fourteen (14) years of age, the court may order thecustodian to deliver or pay to the minor or expend for the minor'sbenefit as much of the custodial property as the court considersadvisable for the use and benefit of the minor.
(d) A delivery, payment, or expenditure under this section is inaddition to, not in substitution for, and does not affect an obligationof a person to support the minor.
As added by P.L.267-1989, SEC.2. Amended by P.L.238-2005,SEC.17; P.L.95-2007, SEC.17.
IC 30-2-8.5-30
Custodian's expenses, compensation, and bond
Sec. 30. (a) A custodian is entitled to reimbursement fromcustodial property for reasonable expenses incurred in theperformance of the custodian's duties.
(b) Except for a person who is a transferor under section 19 of thischapter, a custodian has an election during each calendar year tocharge reasonable compensation for services performed during thatyear.
(c) A custodian's election to charge reasonable compensation fora calendar year must be exercised during the calendar year.
(d) Except as provided in section 33(f) of this chapter, a custodianis not required to give a bond.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-31
Exemption of third person from liability
Sec. 31. A person in good faith and without court order may acton the instructions of or otherwise deal with a person purporting tomake a transfer or purporting to act in the capacity of a custodianand, in the absence of knowledge, is not responsible for determining:
(1) the validity of the purported custodian's designation;
(2) the propriety of, or the authority under this chapter for, anact of the purported custodian;
(3) the validity or propriety under this chapter of an instrumentor instruction executed or given by the person purporting tomake a transfer or by the purported custodian, or both; or
(4) the propriety of the application of property of the minordelivered to the purported custodian.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-32
Liability to third person
Sec. 32. (a) A claim based on:
(1) a contract entered into by a custodian acting in a custodialcapacity;
(2) an obligation arising from the ownership or control ofcustodial property, or both; or
(3) a tort committed during the custodianship;may be asserted against the custodial property by proceeding againstthe custodian in the custodial capacity, whether or not the custodianor the minor is personally liable.
(b) A custodian is not personally liable:
(1) on a contract properly entered into in the custodial capacityunless the custodian fails to reveal that capacity and fails toidentify the custodianship in the contract; or
(2) for an obligation arising from control of custodial propertyor for a tort committed during the custodianship unless thecustodian is personally at fault.
(c) A minor is not personally liable for an obligation arising fromownership of custodial property or for a tort committed during thecustodianship unless the minor is personally at fault.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-33
Renunciation, resignation, death, or removal of custodian;designation of successor custodian
Sec. 33. (a) A person nominated under section 18 of this chapteror designated under section 24 of this chapter as custodian maydecline to serve by delivering a valid disclaimer to the person whomade the nomination or to the transferor or the transferor's legalrepresentative. If:
(1) the event giving rise to a transfer has not occurred; and
(2) no substitute custodian able, willing, and eligible to servewas nominated under section 18 of this chapter;
the person who made the nomination may nominate a substitutecustodian under section 18 of this chapter. Otherwise the transferoror the transferor's legal representative shall designate a substitutecustodian at the time of the transfer from among the persons eligibleto serve as custodian for that kind of property under section 24(a) ofthis chapter. The custodian designated has the rights of a successorcustodian.
(b) A custodian at any time may designate a trust company or anadult other than a transferor under section 19 of this chapter assuccessor custodian by executing and dating an instrument ofdesignation before a subscribing witness other than the successor. Ifthe instrument of designation does not contain or is not accompaniedby the resignation of the custodian, the designation of the successordoes not take effect until the custodian resigns, dies, becomesincapacitated, or is removed.
(c) A custodian may resign at any time by delivering writtennotice to the minor if the minor is at least fourteen (14) years of ageand to the successor custodian and by delivering the custodialproperty to the successor custodian.
(d) If a custodian is ineligible, dies, or becomes incapacitatedwithout having effectively designated a successor and the minor is atleast fourteen (14) years of age, the minor may designate assuccessor custodian, in the manner prescribed in subsection (b), anadult member of the minor's family, a guardian of the minor, or a
trust company. If the minor is less than fourteen (14) years of age orfails to act within sixty (60) days after the ineligibility, death, orincapacity, the guardian of the minor becomes successor custodian.If the minor has no guardian or the guardian declines to act, thetransferor, the legal representative of the transferor or of thecustodian, an adult member of the minor's family, or any otherinterested person may petition the court to designate a successorcustodian.
(e) A custodian who declines to serve under subsection (a) orresigns under subsection (c), or the legal representative of a deceasedor incapacitated custodian, as soon as practicable, shall put thecustodial property and records in the possession and control of thesuccessor custodian. The successor custodian by action may enforcethe obligation to deliver custodial property and records and isresponsible for each item as received.
(f) A transferor, the legal representative of a transferor, an adultmember of the minor's family, a guardian of the minor, or the minorif the minor is at least fourteen (14) years of age may petition thecourt to remove the custodian for cause and to designate a successorcustodian other than a transferor under section 19 of this chapter orto require the custodian to give appropriate bond.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-34
Accounting by and determination of liability of custodian
Sec. 34. (a) A minor who is at least fourteen (14) years of age, theminor's guardian or legal representative, an adult member of theminor's family, a transferor, or a transferor's legal representative maypetition the court for:
(1) an accounting by the custodian or the custodian's legalrepresentative; or
(2) a determination of responsibility between the custodialproperty and the custodian personally, for claims against thecustodial property unless the responsibility has beenadjudicated in an action under section 32 of this chapter towhich the minor or the minor's legal representative was a party.
(b) A successor custodian may petition the court for an accountingby the predecessor custodian.
(c) The court, in a proceeding under this chapter or in any otherproceeding, may require or permit the custodian or the custodian'slegal representative to give an accounting.
(d) If a custodian is removed under section 33(f) of this chapter,the court shall require an accounting and order delivery of thecustodial property and records to the successor custodian and theexecution of all instruments required for transfer of the custodialproperty.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-35
Termination of custodianship Sec. 35. The custodian shall transfer in an appropriate manner thecustodial property to the minor or to the minor's estate upon theearlier of:
(1) the minor's attaining twenty-one (21) years of age; or
(2) the minor's death.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-36
Applicability
Sec. 36. This chapter applies to a transfer within the scope ofsection 17 of this chapter made after this chapter's effective date:
(1) if:
(A) the transfer purports to have been made under theIndiana uniform gifts to minors act (IC 30-2-8); or
(B) the instrument by which the transfer purports to havebeen made uses in substance the designation "as custodianunder the uniform gifts to minors act" or "as custodian underthe uniform transfers to minors act" of any other state; and
(2) the application of this chapter is necessary to validate thetransfer.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-37
Effect on existing custodianships
Sec. 37. (a) A transfer of custodial property made before July 1,1989, is validated even if there was no specific authority in theIndiana uniform gifts to minors act (IC 30-2-8) for the coverage ofcustodial property of that kind or for a transfer from that source atthe time the transfer was made.
(b) This chapter applies to all transfers made before July 1, 1989,in a manner and form prescribed in the Indiana uniform gifts tominors act (IC 30-2-8) except to the extent:
(1) the application impairs constitutionally vested rights orextends 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; donot apply to a custodian account established in accordance withIC 30-2-8 before January 1, 1974.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-38
Uniformity of application and construction
Sec. 38. This chapter shall be applied and construed to effectuatea general purpose to make uniform the law with respect to the subjectof this chapter among states enacting this chapter.
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-39
Severability Sec. 39. The provisions of this chapter are severable in the mannerprovided by IC 1-1-1-8(b).
As added by P.L.267-1989, SEC.2.
IC 30-2-8.5-40
Written election concerning custodial property
Sec. 40. (a) If a transferor:
(1) has transferred property to a custodian for the benefit of aminor before July 1, 1989; and
(2) has made or wishes to make further transfers of property tothe same custodian for the benefit of the same minor after June30, 1989;
the transferor shall make a written election under subsection (b)concerning the custodial property.
(b) A transferor may elect one (1) of the following:
(1) The transferor may establish a new account under thischapter for only the property transferred after June 30, 1989.
(2) The transferor may transfer the property transferred beforeJuly 1, 1989, into a new account established under this chapterand make further transfers of property into the accountestablished under this subdivision.
(3) The transferor may transfer property after June 30, 1989,into the account established before July 1, 1989. However, anyproperty transferred into the account after June 30, 1989, issubject to this chapter.
As added by P.L.137-1994, SEC.1.