Vt. Stat. Ann. tit. 14, § 3220

Added 2015, No. 7, § 1.

OFFICIAL COMMENT

The first sentence follows Section 2(b) of the 1966 Act. The second sentence states what was implicit in the 1966 Act, that additional transfers at different times and from different sources may be made to an existing custodian for the minor and do not create multiple custodianships. This provision also permits an existing custodian to be named as successor custodian by another custodian for the same minor who resigns under section 3228 of this chapter for the purpose of consolidating the assets in a single custodianship.

Note, however, that these results are limited to transfers made "under this Act." Gifts previously made under the enacting state's UGMA or under the UGMA or UTMA of another state must be treated as separate custodianships, even though the same custodian and minor are involved, because of possible differences in the age of distribution and custodian's powers under those other Acts.

Even when all transfers to a single custodian are made "under this Act" and a single custodianship results, custodial property transferred under sections 3216 and 3217 of this chapter must be accounted for separately from property transferred under sections 3214 and 3215 because the custodianship will terminate sooner with respect to the former property if the enacting state has a statutory age of majority lower than 21. See section 3230 and the Comment thereto.