Section 30-2-8.5-40 - Written election concerning custodial property(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.