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, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in the Commonwealth or custodial trust property is located in the Commonwealth. The custodial trust remains subject to this chapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from the Commonwealth.

B. A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in the Commonwealth.

History

1990, c. 264, § 55-34.19; 2012, c. 614.