(a) This chapter applies to a registration, transfer, or declaration that refers to this chapter as provided in section 554B-2 if, at the time of the registration, transfer, or declaration, the transferor, beneficiary, or custodial trustee is a resident of this State or the custodial trust property is located in this State. The custodial trust remains subject to this chapter despite a subsequent change in residence of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from this State.
(b) A transfer made under a substantially similar act of another state is governed by the law of that state and may be executed or enforced in this State.