ORS 126.805 to 126.886 apply to a transfer within the scope of ORS 126.809 made after January 1, 1986, if:
(1) The transfer purports to have been made under the Oregon Uniform Gifts to Minors Act; or
(2) The instrument by which the transfer purports to have been made uses in substance the designation “as custodian under the Uniform Gifts to Minors Act” or “as custodian under the Uniform Transfers to Minors Act” of any other state, and the application of ORS 126.805 to 126.886 is necessary to validate the transfer.