1. (a) This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration:

   1. (1) the transferor, beneficiary, or custodial trustee:

      1. (A) is a resident of; or
      2. (B) has its principal place of business in Indiana; or
   2. (2) custodial trust property is located in Indiana.

2. (b) The custodial trust remains subject to this chapter even if the transferor, beneficiary, or custodial trustee:

   1. (1) changes its residence or principal place of business; or

   2. (2) removes custodial trust property;

      to a location outside Indiana.

As added by P.L.3-2003, SEC.1.