Indiana Code
Chapter 8.5. Indiana Uniform Transfers to Minors Act
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.

Structure Indiana Code

Indiana Code

Title 30. Trusts and Fiduciaries

Article 2. General Provisions

Chapter 8.5. Indiana Uniform Transfers to Minors Act

30-2-8.5-1. "Adult" Defined

30-2-8.5-2. "Benefit Plan" Defined

30-2-8.5-3. "Broker" Defined

30-2-8.5-4. "Custodial Property" Defined

30-2-8.5-5. "Custodian" Defined

30-2-8.5-6. "Financial Institution" Defined

30-2-8.5-7. "Guardian" Defined

30-2-8.5-8. "Legal Representative" Defined

30-2-8.5-9. "Members of the Minor's Family" Defined

30-2-8.5-10. "Minor" Defined

30-2-8.5-11. "Person" Defined

30-2-8.5-12. "Personal Representative" Defined

30-2-8.5-13. "State" Defined

30-2-8.5-14. "Transfer" Defined

30-2-8.5-15. "Transferor" Defined

30-2-8.5-16. "Trust Company" Defined

30-2-8.5-17. Scope and Jurisdiction

30-2-8.5-18. Nomination of Custodian

30-2-8.5-19. Transfer by Gift or Exercise of Power of Appointment

30-2-8.5-20. Transfer Authorized by Will or Trust; Designation of Custodian

30-2-8.5-21. Other Transfers by Fiduciary; Guardian as Custodian

30-2-8.5-22. Transfer by Obligor

30-2-8.5-23. Receipt for Custodial Property

30-2-8.5-24. Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control

30-2-8.5-25. Single Custodianship

30-2-8.5-26. Validity and Effect of Transfer

30-2-8.5-27. Care of Custodial Property

30-2-8.5-28. Powers of Custodian

30-2-8.5-29. Use of Custodial Property; Transfer of Property to Trust

30-2-8.5-30. Custodian's Expenses, Compensation, and Bond

30-2-8.5-31. Exemption of Third Person From Liability

30-2-8.5-32. Liability to Third Person

30-2-8.5-33. Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian

30-2-8.5-34. Accounting by and Determination of Liability of Custodian

30-2-8.5-35. Termination of Custodianship

30-2-8.5-36. Applicability

30-2-8.5-37. Effect on Existing Custodianships

30-2-8.5-38. Uniformity of Application and Construction

30-2-8.5-39. Severability

30-2-8.5-40. Written Election Concerning Custodial Property