(a) This chapter shall apply to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in the commonwealth or custodial trust property is located in the commonwealth. The custodial trust remains subject to this chapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from the commonwealth.
(b) A transfer made pursuant to a law of another state substantially similar to this chapter shall be governed by the law of such other state and may be enforced in the commonwealth.