§ 30-2-8.5-40 — Written election concerning custodial property

Indiana § 30-2-8.5-40

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.5: Indiana Uniform Transfers to Minors Act

Text

(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.

Legislative History

As added by P.L.137-1994, SEC.1.