§ 43-2723 — Effect on existing custodianships

(1) Any transfer of custodial property as defined in the Nebraska Uniform Transfers to Minors Act made before July 15, 1992, is validated notwithstanding that there was no specific authority in the Nebraska Uniform Gifts to Minors Act or sections 43-2301 to 43-2305 as such act or sections existed prior to such date for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(2) The Nebraska Uniform Transfers to Minors Act applies to all transfers made before July 15, 1992, in a manner and form prescribed in the Nebraska Uniform Gifts to Minors Act or sections 43-2301 to 43-2305 as such act or sections existed prior to such date except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on such date.
(3) Sections 43-2702 and 43-2721 with respect to the age of a minor for whom custodial property is held under the Nebraska Uniform Transfers to Minors Act do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of nineteen years before July 15, 1992.
(4) To the extent that the Nebraska Uniform Transfers to Minors Act, by virtue of subsection (2) of this section, does not apply to transfers made in a manner prescribed in the Nebraska Uniform Gifts to Minors Act or sections 43-2301 to 43-2305 as such act or sections existed prior to July 15, 1992, or to the powers, duties, and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians, the repeal of the Nebraska Uniform Gifts to Minors Act and sections 43-2301 to 43-2305 as such act and sections existed prior to such date does not affect those transfers or those powers, duties, and immunities.

Legislative History

Source: Laws 1992, LB 907, § 23.