Oklahoma § 58-1223 - Transfers under other law prior to effective date

§ 58-1223. Transfers under other law prior to effective date

A. Any transfer of custodial property as that term is defined

in the Oklahoma Uniform Transfers to Minors Act made before the

effective date of this act is validated although there was no

specific authority in the Oklahoma Uniform Gifts to Minors Act for

Oklahoma Statutes - Title 58. Probate Procedure

the coverage of custodial property of that kind or for a transfer

from that source at the time the transfer was made.

B. The Oklahoma Uniform Transfers to Minors Act applies to all

transfers made before the effective date of this act in a manner and

form prescribed in the Oklahoma Uniform Gifts to Minors Act, except

insofar as the application impairs constitutionally vested rights or

extends the duration of custodianships in existence on the effective

date of this act.

C. A transfer that purports to be made and which is valid under

the Uniform Transfers to Minors Act, the Uniform Gifts to Minors

Act, or a substantially similar act, of another state is governed by

the law of the designated state and may be executed and is

enforceable in this state if at the time of the transfer, the

transferor, the minor, or the custodian is a resident of the

designated state or the custodial property is located in the

designated state.

D. With respect to the age of a minor for whom custodial

property is held under the Oklahoma Uniform Transfers to Minors Act,

paragraphs 1 and 11 of Section 1202 and paragraph 1 of subsection A

of Section 1221 of this title do not apply to custodial property

held in a custodianship which terminated because of the minor's

attainment of the age of eighteen (18) years after November 1, 1986

and before September 1, 1993.

Added by Laws 1986, c. 261, § 23, eff. Nov. 1, 1986. Amended by

Laws 1993, c. 158, § 5, eff. Sept. 1, 1993.