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. IC 30-2-8.6 Chapter 8.6. Uniform Custodial Trust Act 30-2-8.6-1 Applicability 30-2-8.6-2 Transfer under other state's law; enforcement 30-2-8.6-3 Construction 30-2-8.6-4 Citing chapter 30-2-8.6-5 "Adult" 30-2-8.6-6 "Beneficiary" 30-2-8.6-7 "Custodial trust property" 30-2-8.6-8 "Custodial trustee" 30-2-8.6-9 "Guardian" 30-2-8.6-10 "Incapacitated" 30-2-8.6-11 "Legal representative" 30-2-8.6-12 "Member of the beneficiary's family" 30-2-8.6-13 "Person" 30-2-8.6-14 "Personal representative" 30-2-8.6-15 "State" 30-2-8.6-16 "Transferor" 30-2-8.6-17 "Trust company" 30-2-8.6-18 Creating a custodial trust 30-2-8.6-19 Terminating a custodial trust 30-2-8.6-20 Adding trust property 30-2-8.6-21 Successor custodial trustee 30-2-8.6-22 Creation and enforcement of trust under other law 30-2-8.6-23 Custodial trust upon occurrence of future event 30-2-8.6-24 Custodial trustee's acceptance of trust property 30-2-8.6-25 Transfer for use and benefit of incapacitated individual 30-2-8.6-26 Multiple beneficiaries 30-2-8.6-27 Custodial trustee's powers and duties 30-2-8.6-28 Rights and powers 30-2-8.6-29 Distribution of custodial trust property 30-2-8.6-30 Administering custodial trust for incapacitated beneficiary 30-2-8.6-31 Reliance on person purporting to be custodial trustee 30-2-8.6-32 Claim by third person against custodial trustee 30-2-8.6-33 Resigning or declining to serve as custodial trustee 30-2-8.6-34 Compensation of custodial trustee 30-2-8.6-35 Written statement of trust administration; petition for accounting 30-2-8.6-36 Claim against custodial trustee's claim barred against other parties 30-2-8.6-37 Termination of a custodial trust 30-2-8.6-38 Creating a custodial trust 30-2-8.6-39 Severability
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