2013 Indiana Code
TITLE 30. TRUSTS AND FIDUCIARIES
ARTICLE 2. GENERAL PROVISIONS
CHAPTER 8.5. INDIANA UNIFORM TRANSFERS TO MINORS ACT
Download as PDF
<![CDATA[
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 who
is 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 an
employer'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 lawfully
engaged in the business of effecting transactions in securities or
commodities, or both, for the person's own account or for the account
of 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 this
chapter; 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 person
designated as a custodian under section 24 of this chapter or a
successor or substitute custodian designated under section 33 of this
chapter.
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 a
bank, trust company, savings institution, or credit union chartered
and 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 set
forth 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 an
individual'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 by
adoption.
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 who
is 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" means
an executor, administrator, successor personal representative, or
special administrator of a decedent's estate or a person legally
authorized 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 the
United States, the District of Columbia, the Commonwealth of
Puerto Rico, and a territory or possession subject to the legislative
authority 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 transaction
that 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 who
makes 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 a
financial institution, corporation, or other legal entity authorized to
exercise 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 this
chapter in the designation under section 24(a) of this chapter by
which the transfer is made if, at the time of the transfer, the
transferor, the minor, or the custodian is a resident of Indiana or the
custodial property is located in Indiana. The custodianship created
under 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 subject
to personal jurisdiction in Indiana with respect to a matter relating to
the custodianship.
(c) A transfer that purports to be made and that is valid under the
uniform transfers to minors act, the uniform gifts to minors act or a
substantially similar act of another state is governed by the law of the
designated state and may be executed and is enforceable in Indiana
if at the time of the transfer the transferor, the minor, or the custodian
is a resident of the designated state or the custodial property is
located 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 of
property transferable upon the occurrence of a future event may
revocably nominate a custodian to receive the property for a minor
beneficiary upon the occurrence of the event by naming the
custodian, followed by the words: "as custodian for
________________________ (name of minor) under the Indiana
uniform transfers to minors act". The nomination may name one (1)
or more persons as substitute custodians to whom the property shall
be transferred, in the order named, if the first nominated custodian
dies 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 instrument
exercising a power of appointment, or in a writing designating a
beneficiary of contractual rights that is registered with or delivered
to the payor, issuer, or other obligor of the contractual rights.
(b) A custodian nominated under this section must be a person to
whom a transfer of property of that kind may be made under section
24(a) of this chapter.
(c) The nomination of a custodian under this section does not
create custodial property until the nominating instrument becomes
irrevocable or a transfer to the nominated custodian is completed
under section 24 of this chapter. Unless the nomination of a
custodian has been revoked, upon the occurrence of the future event
the custodianship becomes effective and the custodian shall enforce
a 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 favor
of;
a custodian for the benefit of a minor under section 24 of this
chapter.
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 an
irrevocable transfer under section 24 of this chapter to a custodian
for the benefit of a minor as authorized in the governing will or trust.
(b) If the testator or settlor has nominated a custodian under
section 18 of this chapter to receive the custodial property, the
transfer shall be made to that person.
(c) If the testator or settlor has not nominated a custodian under
section 18 of this chapter, or a person nominated as custodian dies
before the transfer or is unable, declines, or is ineligible to serve, the
personal representative or the trustee shall designate the custodian
from among those eligible to serve as custodian for property of that
kind under section 24(a) of this chapter. The personal representative
or trustee may be designated as custodian under this subsection if the
personal representative or trustee is eligible to serve as custodian for
property 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 an
irrevocable transfer to another adult or trust company as custodian
for the benefit of a minor under section 24 of this chapter in the
absence of a will or under a will or trust that does not contain an
authorization to do so. The personal representative or trustee may
also serve as the custodian of the transferred property if the personal
representative or trustee is qualified under section 24 of this chapter.
(b) A guardian may make an irrevocable transfer to another adult
or trust company as custodian for the benefit of the minor under
section 24 of this chapter. The guardian may also serve as the
custodian of the transferred property if the guardian is qualified
under 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 considers
the transfer to be in the best interest of the minor;
(2) the transfer is not prohibited by or inconsistent with
provisions of the applicable will, trust agreement, or other
governing instrument; and
(3) the transfer is authorized by the court if the property
transferred 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 this
chapter that holds property of or owes a liquidated debt to a minor
not having a guardian may make an irrevocable transfer to a
custodian for the benefit of the minor under section 24 of this
chapter.
(b) If a person having the right to nominate a custodian under
section 18 of this chapter has nominated a custodian under that
section to receive the custodial property, the transfer shall be made
to 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 custodian
constitutes a sufficient receipt and discharge for custodial property
transferred 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 made
if:
(1) an uncertificated security or a certificated security in
registered 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 _________ (name
of minor) under the Indiana uniform transfers to minors act";
or
(B) delivered if in certificated form, or a document necessary
for the transfer of an uncertificated security is delivered,
together with a necessary endorsement to an adult other than
the transferor or to a trust company as custodian,
accompanied by an instrument in substantially the form set
forth in subsection (b);
(2) money is paid or delivered to a broker or financial
institution 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 of
minor) under the Indiana uniform transfers to minors act";
(3) the ownership of a life or endowment insurance policy or
annuity 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 _________ (name
of 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: "as
custodian for ___________ (name of minor) under the
Indiana uniform transfers to minors act";
(4) an irrevocable exercise of a power of appointment or an
irrevocable present right to future payment is the subject of a
written notification delivered to the payor, issuer, or other
obligor 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: "as
custodian for _______ (name of minor) under the Indiana
uniform 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 of
minor) 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 tangible
personal 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 __________ (name
of 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 __________ (name
of 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 in
subsection (b).
(b) An instrument in the following form satisfies the requirements
of subsection (a)(1)(B) and (a)(7):
TRANSFER UNDER THE INDIANA UNIFORM
TRANSFERS TO MINORS ACT
I, __________ (name of transferor or name and representative
capacity if a fiduciary) hereby transfer to _________ (name of
custodian), as custodian for _________ (name of minor) under the
Indiana uniform transfers to minors act, the following: (insert a
description of the custodial property sufficient to identify it).
Dated: _____
_________________
(Signature)
________ (name of custodian) acknowledges receipt of the property
described above as custodian for the minor named above under the
Indiana uniform transfers to minors act.
Dated: _____
____________________
(Signature of Custodian)
(c) A transferor shall place the custodian in control of the
custodial 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 only
one (1) person may be the custodian. All custodial property held
under this chapter by the same custodian for the benefit of the same
minor 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 prescribed
in this chapter is not affected by:
(1) the failure of the transferor to comply with section 24(c) of
this chapter concerning possession and control;
(2) the designation of an ineligible custodian, except
designation of the transferor in the case of property for which
the transferor is ineligible to serve as custodian under section
24(a) of this chapter; or
(3) the death or incapacity of a person nominated under section
18 of this chapter or designated under section 24 of this chapter
as 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 the
custodian has all the rights, powers, duties, and authority provided in
this chapter and neither the minor nor the minor's legal representative
has a right, power, duty, or authority with respect to the custodial
property except as provided in this chapter.
(c) By making a transfer, the transferor incorporates in the
disposition all the provisions of this chapter, and grants to the
custodian, and to a third person dealing with a person designated as
custodian, the respective powers, rights, and immunities provided in
this 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 custodial
property.
(b) In dealing with custodial property, a custodian shall observe
the standard of care that would be observed by a prudent person
dealing with property of another and is not limited by any other
statute restricting investments by fiduciaries. If a custodian has a
special skill or expertise or is named custodian on the basis of
representations of a special skill or expertise, the custodian shall use
that skill or expertise. However, a custodian in the custodian's
discretion 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 insurance
or endowment policies on:
(1) the life of the minor only if the minor or the minor's estate
is the sole beneficiary; or
(2) the life of another person in whom the minor has an
insurable interest only to the extent that the minor, the minor's
estate, or the custodian in the capacity of custodian is the
irrevocable beneficiary.
(d) A custodian at all times shall keep custodial property separate
and distinct from all other property in a manner sufficient to identify
the property clearly as custodial property of the minor. Custodial
property consisting of an undivided interest is identified if the
minor's interest is held as a tenant in common and is fixed. Custodial
property subject to recordation is identified if the property is
recorded, and custodial property subject to registration is identified
if the property is either registered or held in an account designated in
the name of the custodian, followed by the words: "as a custodian for
_______________ (name of minor) under the Indiana uniform
transfers to minors act".
(e) A custodian shall keep records of all transactions with respect
to custodial property, including information necessary for the
preparation of the minor's tax returns, and shall make them available
for inspection at reasonable intervals by a parent or legal
representative of the minor or by the minor if the minor is at least
fourteen (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 the
rights, powers, and authority over custodial property that an
unmarried adult owner has over the adult owner's own property, but
a custodian may exercise those rights, powers, and authority in a
custodial capacity only.
(b) This section does not relieve a custodian from liability for
breach 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 or
expend for the minor's benefit so much of the custodial property as
the custodian considers advisable for the use and benefit of the
minor, without court order and without regard to:
(1) the duty or ability of the custodian personally or of any
other person to support the minor; or
(2) any other income or property of the minor that may be
applicable or available for the support of the minor.
(b) At any time and without a court order, a custodian may
transfer part or all of the custodial property to a trust, including a
trust 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 Section
2503(c) of the Internal Revenue Code and the regulations under
that section.
The transfer terminates the custodianship of the property to the
extent of the transfer.
(c) On petition of an interested person or the minor if the minor
is at least fourteen (14) years of age, the court may order the
custodian to deliver or pay to the minor or expend for the minor's
benefit as much of the custodial property as the court considers
advisable for the use and benefit of the minor.
(d) A delivery, payment, or expenditure under this section is in
addition to, not in substitution for, and does not affect an obligation
of 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 from
custodial property for reasonable expenses incurred in the
performance of the custodian's duties.
(b) Except for a person who is a transferor under section 19 of this
chapter, a custodian has an election during each calendar year to
charge reasonable compensation for services performed during that
year.
(c) A custodian's election to charge reasonable compensation for
a calendar year must be exercised during the calendar year.
(d) Except as provided in section 33(f) of this chapter, a custodian
is 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 act
on the instructions of or otherwise deal with a person purporting to
make a transfer or purporting to act in the capacity of a custodian
and, 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, an
act of the purported custodian;
(3) the validity or propriety under this chapter of an instrument
or instruction executed or given by the person purporting to
make a transfer or by the purported custodian, or both; or
(4) the propriety of the application of property of the minor
delivered 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 custodial
capacity;
(2) an obligation arising from the ownership or control of
custodial property, or both; or
(3) a tort committed during the custodianship;
may be asserted against the custodial property by proceeding against
the custodian in the custodial capacity, whether or not the custodian
or the minor is personally liable.
(b) A custodian is not personally liable:
(1) on a contract properly entered into in the custodial capacity
unless the custodian fails to reveal that capacity and fails to
identify the custodianship in the contract; or
(2) for an obligation arising from control of custodial property
or for a tort committed during the custodianship unless the
custodian is personally at fault.
(c) A minor is not personally liable for an obligation arising from
ownership of custodial property or for a tort committed during the
custodianship 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 chapter
or designated under section 24 of this chapter as custodian may
decline to serve by delivering a valid disclaimer to the person who
made the nomination or to the transferor or the transferor's legal
representative. If:
(1) the event giving rise to a transfer has not occurred; and
(2) no substitute custodian able, willing, and eligible to serve
was nominated under section 18 of this chapter;
the person who made the nomination may nominate a substitute
custodian under section 18 of this chapter. Otherwise the transferor
or the transferor's legal representative shall designate a substitute
custodian at the time of the transfer from among the persons eligible
to serve as custodian for that kind of property under section 24(a) of
this chapter. The custodian designated has the rights of a successor
custodian.
(b) A custodian at any time may designate a trust company or an
adult other than a transferor under section 19 of this chapter as
successor custodian by executing and dating an instrument of
designation before a subscribing witness other than the successor. If
the instrument of designation does not contain or is not accompanied
by the resignation of the custodian, the designation of the successor
does not take effect until the custodian resigns, dies, becomes
incapacitated, or is removed.
(c) A custodian may resign at any time by delivering written
notice to the minor if the minor is at least fourteen (14) years of age
and to the successor custodian and by delivering the custodial
property to the successor custodian.
(d) If a custodian is ineligible, dies, or becomes incapacitated
without having effectively designated a successor and the minor is at
least fourteen (14) years of age, the minor may designate as
successor custodian, in the manner prescribed in subsection (b), an
adult member of the minor's family, a guardian of the minor, or a
trust company. Except as provided in subsection (g), if the minor is
less than fourteen (14) years of age or fails to act within sixty (60)
days after the ineligibility, death, or incapacity, the guardian of the
minor becomes successor custodian. If the minor has no guardian or
the guardian declines to act, the transferor, the legal representative
of the transferor or of the custodian, an adult member of the minor's
family, or any other interested person may petition the court to
designate a successor custodian.
(e) A custodian who declines to serve under subsection (a) or
resigns under subsection (c), or the legal representative of a deceased
or incapacitated custodian, as soon as practicable, shall put the
custodial property and records in the possession and control of the
successor custodian. The successor custodian by action may enforce
the obligation to deliver custodial property and records and is
responsible for each item as received.
(f) A transferor, the legal representative of a transferor, an adult
member of the minor's family, a guardian of the minor, or the minor
if the minor is at least fourteen (14) years of age may petition the
court to remove the custodian for cause and to designate a successor
custodian other than a transferor under section 19 of this chapter or
to require the custodian to give appropriate bond.
(g) If the custodial property, including a custodial account, is
worth less than ten thousand dollars ($10,000), a guardian does not
need to be appointed as set forth in IC 29-3-3-1.
As added by P.L.267-1989, SEC.2. Amended by P.L.149-2012,
SEC.10.
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, the
minor's guardian or legal representative, an adult member of the
minor's family, a transferor, or a transferor's legal representative may
petition the court for:
(1) an accounting by the custodian or the custodian's legal
representative; or
(2) a determination of responsibility between the custodial
property and the custodian personally, for claims against the
custodial property unless the responsibility has been
adjudicated in an action under section 32 of this chapter to
which the minor or the minor's legal representative was a party.
(b) A successor custodian may petition the court for an accounting
by the predecessor custodian.
(c) The court, in a proceeding under this chapter or in any other
proceeding, may require or permit the custodian or the custodian's
legal 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 the
custodial property and records to the successor custodian and the
execution of all instruments required for transfer of the custodial
property.
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 the
custodial property to the minor or to the minor's estate upon the
earlier 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 of
section 17 of this chapter made after this chapter's effective date:
(1) if:
(A) the transfer purports to have been made under the
Indiana uniform gifts to minors act (IC 30-2-8); or
(B) the instrument by which the transfer purports to have
been made uses in substance the designation "as custodian
under the uniform gifts to minors act" or "as custodian under
the uniform transfers to minors act" of any other state; and
(2) the application of this chapter is necessary to validate the
transfer.
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 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.
(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.
IC 30-2-8.5-38
Uniformity of application and construction
Sec. 38. This chapter shall be applied and construed to effectuate
a general purpose to make uniform the law with respect to the subject
of 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 manner
provided 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 a
minor before July 1, 1989; and
(2) has made or wishes to make further transfers of property to
the same custodian for the benefit of the same minor after June
30, 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 this
chapter for only the property transferred after June 30, 1989.
(2) The transferor may transfer the property transferred before
July 1, 1989, into a new account established under this chapter
and make further transfers of property into the account
established under this subdivision.
(3) The transferor may transfer property after June 30, 1989,
into the account established before July 1, 1989. However, any
property transferred into the account after June 30, 1989, is
subject to this chapter.
As added by P.L.137-1994, SEC.1.
]]>
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
