South Carolina § 63-5-710 - Effect on existing custodianships.

§ 63-5-710. Effect on existing custodianships.

(a) Any transfer of custodial property as now defined in this article made before the effective date of this article is validated notwithstanding that there was no specific authority in the South Carolina 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.

(b) This article applies to all transfers made before the effective date of this article in a manner and form prescribed in the South Carolina 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 article.

HISTORY: 2022 Act No. 128 (H.3821), SECTION 1, eff April 4, 2022.

Editor's Note

2022 Act No. 128, SECTION 7, provides as follows:

"SECTION 7. Article 5 of this chapter, known as the 'South Carolina Uniform Gifts to Minors Act', is hereby repealed. To the extent that this article, by virtue of Section 63-5-710(b), does not apply to transfers made in a manner prescribed in the South Carolina Gifts to Minors Act or to the powers, duties, and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians, the repeal of the South Carolina Gifts to Minors Act does not affect those transfers or those powers, duties, and immunities."