(1) Any transfer of custodial property as now defined in KRS 385.012 made before July 15, 1986, is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of Kentucky for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(2) KRS 385.012 to 385.212 apply to all transfers made before July 15, 1986, in a manner and form prescribed in the Uniform Gifts to Minors Act of Kentucky, except insofar as the application impairs constitutionally vested rights.