Vt. Stat. Ann. tit. 14, § 3231
Applicability
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
This chapter applies to a transfer within the scope of section 3212 of this title made after its effective date if:
This chapter applies to a transfer within the scope of section 3212 of this title made after its effective date if:
(1) the transfer purports to have been made under the Vermont Uniform Gifts to Minors Act; or
(1) the transfer purports to have been made under the Vermont 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 this chapter is necessary to validate the transfer. Added 2015, No. 7, § 1.
(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 this chapter is necessary to validate the transfer.
OFFICIAL COMMENT
This section is new and has two purposes. First, it operates as a "savings clause" to validate transfers made after its effective date which mistakenly refer to the enacting state's UGMA rather than to this Act. Second, it validates transfers attempted under the UGMA of another state which would not permit transfers from that source or of property of that kind or under the UTMA of another state with no nexus to the transaction, provided in each case that the enacting state has a sufficient nexus to the transaction under section 3212 of this chapter.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.