Vt. Stat. Ann. tit. 14, § 3232
Effect on existing custodianships
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) Any transfer of custodial property as now defined in this chapter made before July 1, 2015 is validated, notwithstanding that there was no specific authority in the Vermont Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(1) Any transfer of custodial property as now defined in this chapter made before July 1, 2015 is validated, notwithstanding that there was no specific authority in the Vermont Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(2) This chapter applies to all transfers made before July 1, 2015 in a manner and form prescribed in the Vermont Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 15, 2015. Added 2015, No. 7, § 1.
(2) This chapter applies to all transfers made before July 1, 2015 in a manner and form prescribed in the Vermont Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 15, 2015.
OFFICIAL COMMENT
Subsection (a) is new and is based on Section 45-109a of the Connecticut Act which validates gifts of real estate and partnership interests made prior to their inclusion as "custodial property" under that Act. However, this provision goes further and purports also to validate prior transfers of the kind now covered by the Act, i.e., transfers from estates, trusts, guardianships, and obligors.
All states have previously enacted some version of UGMA, and it will be more orderly to subject gifts or other transfers under the prior Act to the procedures of this Act, rather than to keep both Acts in force, presumably for 18 or 21 years until all custodianships created under prior law have terminated. Subsection (b) is intended to apply this Act to prior gifts and existing custodianships insofar as it is constitutionally permissible to do so. However, prior custodianships will continue to terminate at the age prescribed under the prior Act.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.