1. (a) A transfer of custodial property made before July 1, 1989, is validated even if there was no specific authority in the Indiana uniform gifts to minors act ( IC 30-2-8 ) for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

2. (b) This chapter applies to all transfers made before July 1, 1989, in a manner and form prescribed in the Indiana uniform gifts to minors act ( IC 30-2-8 ) except to the extent:

   1. (1) the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1989; or
   2. (2) provided in subsection (c).
3. (c) The amendments to IC 30-2-8 made by Acts 1973, P.L.293; do not apply to a custodian account established in accordance with IC 30-2-8 before January 1, 1974.

As added by P.L.267-1989, SEC.2.