31-58 - Effect on existing custodianships. - Virginia Statutes

§ 31-58. Effect on existing custodianships.

A. Any transfer of custodial property as now defined in this chapter madebefore July 1, 1988, is validated notwithstanding that there was no specificauthority in the Virginia Uniform Gifts to Minors Act (former §§ 31-26through 31-36) for the coverage of custodial property of that kind or for atransfer from that source at the time the transfer was made.

B. This chapter applies to all transfers made before July 1, 1988, in amanner and form prescribed in the Virginia Uniform Gifts to Minors Act(former §§ 31-26 through 31-36) except insofar as the application impairsconstitutionally vested rights.

(1988, c. 516.)