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
Title 30. Trusts and Fiduciaries
Chapter 8.5. Indiana Uniform Transfers to Minors Act
30-2-8.5-2. "Benefit Plan" 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
30-2-8.5-12. "Personal Representative" 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
30-2-8.5-25. 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
30-2-8.5-34. Accounting by and Determination of Liability of Custodian
30-2-8.5-35. Termination of Custodianship
30-2-8.5-37. Effect on Existing Custodianships