§ 9-26-222 — Effect on existing custodianships

(a) Any transfer of custodial property as now defined in this subchapter made before March 21, 1985, shall be validated notwithstanding that there was no specific authority in the Arkansas Uniform Gifts to Minors Act [repealed] for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.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 subchapter shall apply to all transfers made before March 21, 1985, in a manner and form prescribed in the Arkansas Uniform Gifts to Minors Act [repealed], except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on March 21, 1985. (c) Sections 9-26-201 and 9-26-220 , with respect to the age of a minor for whom custodial property is held under this subchapter, shall not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of majority under prior law and before March 21, 1985.

Legislative History

Acts 1985, No. 476, § 22; A.S.A. 1947, § 50-955