A. This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in the Commonwealth or custodial trust property is located in the Commonwealth. The custodial trust remains subject to this chapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from the Commonwealth.
B. A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in the Commonwealth.
1990, c. 264, § 55-34.19; 2012, c. 614.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 9 - Uniform Custodial Trust Act
§ 64.2-901. Custodial trust; creation and termination; general provisions
§ 64.2-902. Custodial trustee for future payment or transfer
§ 64.2-903. Form and effect of receipt and acceptance by custodial trustee; jurisdiction
§ 64.2-904. Transfer to custodial trustee by fiduciary or obligor; facility of payment
§ 64.2-905. Multiple beneficiaries; separate custodial trusts; survivorship
§ 64.2-906. General duties of custodial trustee
§ 64.2-907. General powers of custodial trustee
§ 64.2-908. Use of custodial trust property
§ 64.2-909. Determination of incapacity; effect
§ 64.2-910. Exemption of third person from liability
§ 64.2-911. Liability to third person; exceptions
§ 64.2-913. Expenses, compensation, and bond of custodial trustee
§ 64.2-914. Reporting and accounting by custodial trustee; determination of liability
§ 64.2-915. Limitations of action against custodial trustee
§ 64.2-916. Distribution on termination