55-34.19 - Applicable law. - Virginia Statutes

§ 55-34.19. Applicable law.

This chapter applies to a transfer or declaration creating a custodial trustthat 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 itsprincipal place of business in this Commonwealth or custodial trust propertyis located in this Commonwealth. The custodial trust remains subject to thischapter despite a later change in residence or principal place of business ofthe transferor, beneficiary, or custodial trustee, or removal of thecustodial trust property from this Commonwealth.

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

(1990, c. 264.)