N.J. Stat. § 46:38A-1 Short title
This chapter shall be known and may be cited as the "New Jersey Uniform Transfers to Minors Act." L. 1987, c. 18, s. 1.
N.J. Stat. tit. 46, ch. 38A
N.J. Stat. tit. 46, ch. 38A
in effectN.J. Stat. § 46:38A-2 Definitions
As used in this chapter: a. "Adult" means an individual who has attained the age of 21 years; b. "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others; c. "Court" means the Superior Court; d. "Custodial property" means any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property; e. "Custodian" means a person so designated under R.S. 46:38A-19 or a successor or substitute custodian designated under R.S. 46:38A-42 through R.S. 46:38A-45; f. "Financial institution" means a bank, trust company, savings institution, savings and loan association or credit union, chartered and supervised under State or federal law; g. "Guardian" of a minor means a guardian of his estate or person; h. "Legal representative" means an individual's personal representative or guardian; i. "Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption; j. "Minor" means an individual who has not attained the age of 21 years; k. "Person" means an individual, corporation, organization, or other legal entity; l. "Personal representative" means an executor, administrator, successor personal representative of a decedent's estate or a person legally authorized to perform substantially the same functions but excludes a special administrator; m. "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States; n. "Transfer" means a transaction that creates custodial property under R.S. 46:38A-19; o. "Transferor" means a person who makes a transfer under this chapter; p. "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. Source: New. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-3 Scope of chapter
This chapter applies to a transfer referred to in this chapter in a designation under R.S. 46:38A-19 by which the transfer is made if at the time of the transfer, the transferor, the minor, the custodian is a resident of this State or the custodial property is located in this State. The custodianship so created remains subject to this chapter despite a subsequent change in residence of a transferor, the minor, the custodian or the removal of custodial property from this State. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-4 Jurisdiction over custodian
A person designated as custodian under this chapter is subject to personal jurisdiction in this State with respect to any matter relating to the custodianship. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-5 Choice of law
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. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-6 Revocable nomination of custodian based upon happening of future event
A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: "as custodian for ....................... (name of minor) under the New Jersey Uniform Transfers to Minors Act." The nomination may name one or more persons as substitute custodians to whom the property shall be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights. A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under R.S. 46:38A-19. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-7 When custodianship becomes effective under revocable nomination of custodian
The nomination of a custodian under R.S. 46:38A-6 does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under R.S. 46:38A-19. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to R.S. 46:38A-19. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-8 Transfer by gift or exercise of power of appointment
A person may, pursuant to R.S. 46:38A-19, make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-9 Transfer authorized by will or trust
A personal representative or trustee may, pursuant to R.S. 46:38A-19, make an irrevocable transfer to a custodian for the benefit of a minor as authorized in the governing will or trust. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-10 Transfer under will or trust; transfer to be made to nominated custodian
If the testator or the settlor of a trust has nominated a custodian under R.S. 46:38A-6 to receive the custodial property, the transfer shall be made to that person. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-11 Transfer under will or trust; custodian not nominated or dead, etc.
If the testator or the settlor under a trust has not nominated a custodian under R.S. 46:38A-6, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under R.S. 46:38A-19. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-12 Other transfers by personal representative or trustee
Subject to R.S. 46:38A-14, a personal representative or a trustee may, pursuant to R.S. 46:38A-19, make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor, in the absence of a will or under a will or a trust that does not contain an authorization to do so. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-13 Transfers by a guardian
Subject to R.S. 46:38A-14, a guardian of a minor may, pursuant to R.S. 46:38A-19, make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-14 Conditions under which certain transfers may be made by a personal representative, trustee or guardian
A transfer may be made under R.S. 46:38A-12 or R.S. 46:38A-13 only if: a. The personal representative, trustee or guardian considers the transfer to be in the best interest of the minor; b. The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, other governing instrument or law; and c. The transfer is authorized by the court if it exceeds $10,000.00 in value. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-15 Transfer by obligor
Subject to R.S. 46:38A-16 and R.S. 46:38A-17, a person not subject to R.S. 46:38A-9 through R.S. 46:38A-11, or R.S. 46:38A-12 through R.S. 46:38A-14, who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to R.S. 46:38A-19. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-16 Transfer by obligor; custodian nominated
If a person having the right to do so under R.S. 46:38A-6 has nominated a custodian under that section to receive custodial property under R.S. 46:38A-15, the transfer shall be made to that person. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-17 Transfer by obligor; custodian not nominated or dead, etc.
If a custodian has not been nominated under R.S. 46:38A-6, or all persons so nominated as custodian to receive custodial property under R.S. 46:38A-15 die before the transfer or are unable, decline, or are ineligible to serve, a transfer under R.S. 46:38A-15 may be made to an adult member of the minor's family or to a trust company unless the property exceeds $10,000.00 in value. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-18 Receipt for custodial property
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-19 Manner of creating custodial property and effecting transfer; designation of initial custodian
Custodial property is created and a transfer is made whenever: a. An uncertificated security or a certificated security in registered form is either: (1) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for ................................ (name of minor) under the New Jersey Uniform Transfers to Minors Act," or (2) Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in R.S. 46:38A-20; b. Money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for(name of minor) under the New Jersey Uniform Transfers to Minors Act" ; c. The ownership of a life or endowment insurance policy or annuity contract is either: (1) Registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for ............................... (name of minor) under the New Jersey Uniform Transfers to Minors Act," or (2) Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for ............................ (name of minor) under the New Jersey Uniform Transfers to Minors Act"; d. An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words: "as custodian for ...................................... (name of minor) under the New Jersey Uniform Transfers to Minors Act"; e. An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for(name of minor) under the New Jersey Uniform Transfers to Minors Act" ; f. A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either: (1) Issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for (name of minor) under the New Jersey Uniform Transfers to Minors Act," or (2) Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words:"as custodian for ......................................... (name of minor) under the New Jersey Uniform Transfers to Minors Act" ; or g. An interest in any property not described in subsections a. through f. of this section is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in R.S. 46:38A-20. Source: New. P.L. 1987, c. 18, s.1..
N.J. Stat. § 46:38A-20 Form of instrument to make certain transfers
An instrument in the following form satisfies the requirements of paragraph (2) of subsection a. and subsection g. of R.S. 46:38A-19: "Transfer Under the New Jersey Uniform Transfers to Minors Act I, ............................. (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ....................... (name of custodian), as custodian for ........................ (name of minor) under the New Jersey Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it). ated: ............................................................. .................................................................... (Signature) .......................... (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the New Jersey Uniform Transfers to Minors Act. Dated: ............................................................. .................................................................... (Signature of Custodian)" Source: New. P.L. 1987, c. 18, s.1..
N.J. Stat. § 46:38A-21 Control of custodial property
A transferor shall place the custodian in control of the custodial property as soon as practical. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-22 Single custodianship
A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-23 Validity of transfer
The validity of a transfer made in a manner prescribed in this chapter is not affected by: a. Failure of the transferor to comply with R.S. 46:38A-22 concerning possession and control; b. Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under R.S. 46:38A-19; or c. Death or incapacity of a person nominated under R.S. 46:38A-6 and R.S. 46:38A-7 or designated under R.S. 46:38A-19 as custodian or the disclaimer of the office by that person. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-24 Transfer deemed irrevocable and vested in minor subject to rights, powers, duties and authority of custodian
A transfer made pursuant to R.S. 46:38A-19 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this chapter, and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this chapter. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-25 Transfer incorporates all provisions of chapter
By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-26 Care of custodial property
A custodian shall: a. Take control of custodial property; b. Register or record title to custodial property if appropriate; and c. Collect, hold, manage, invest, and reinvest custodial property. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-27 Duty of care owed by custodian
In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. A custodian may, in the custodian's discretion and without liability to the minor or the minor's estate, retain any custodial property received from a transferor. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-28 Investment or payment of premiums on life insurance or endowment policies by custodian
A custodian may invest in or pay premiums on life insurance or endowment policies on the life of the minor only if the minor or the minor's estate is the sole beneficiary, or the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian is the irrevocable beneficiary. Source: New. P.L. 1987, c. 18, s.1..
N.J. Stat. § 46:38A-29 Custodial property to be kept separate and distinct
A custodian shall, at all times, keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: "as a custodian for ............................. (name of minor) under the New Jersey Uniform Transfers to Minors Act." L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-30 Records to be kept by custodian
A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of 14 years. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-31 Powers of custodian
A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only, and this section does not relieve a custodian from liability for breach of R.S. 46:38A-26 through R.S. 46:38A-30. A custodian may, in his discretion, terminate the custodianship at any time after the minor has attained the age of 18 years, but the power shall not be exercised by the custodian prior to a termination age fixed by the transferor as provided in subsection a. of R.S. 46:38A-52. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-32 Use of custodial property by custodian for benefit of minor
A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to the duty or ability of the custodian personally or of any other person to support the minor, or any other income or property of the minor which may be applicable or available for that purpose. Source: New. P.L. 1987, c. 18, s.1..
N.J. Stat. § 46:38A-33 Application to court for use of custodial property for benefit of minor
On application of an interested person or the minor if the minor has attained the age of 14 years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-34 Use of custodial property for benefit of minor not to affect obligation to support minor
A delivery, payment, or expenditure under R.S. 46:38A-32 or R.S. 46:38A-33 is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-35 Custodian's expenses
A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-36 Custodian's compensation
Except for one who is a transferor under R.S. 46:38A-8, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-37 Custodian's bond
Except as provided in R.S. 46:38A-47, a custodian need not give a bond. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-38 Exemption of third person from liability
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: a. The validity of the purported custodian's designation; b. The propriety of, or the authority under this chapter for, any act of the purported custodian; c. The validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or d. The propriety of the application of any property of the minor delivered to the purported custodian. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-39 Liability to third persons generally
A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-40 Liability of custodian to third persons
A custodian is not personally liable: a. On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or b. For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-41 Liability of minor to third persons
A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-42 Custodian declining to serve, designation of successor custodian
A person nominated under R.S. 46:38A-6 or designated under R.S. 46:38A-19 as custodian may decline to serve by delivering an instrument in writing to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfer has not occurred and a substitute custodian able, willing, and eligible to serve was not nominated under R.S. 46:38A-6, the person who made the nomination may nominate a substitute custodian under R.S. 46:38A-6; otherwise the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under R.S. 46:38A-19. The custodian so designated has the rights of a successor custodian. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-43 Designation of successor custodian by custodian
A custodian may, at any time, designate a trust company or an adult other than a transferor under R.S. 46:38A-8 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-44 Resignation of custodian; notice; delivery of custodial property
A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of 14 years and to the successor custodian and by delivering the custodial property to the successor custodian. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-45 Designation successor custodian when custodian is ineligible, dies or becomes incapacitated
If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor custodian and the minor has attained the age of 14 years, the minor may, in the manner prescribed in R.S. 46:38A-44, designate an adult member of the minor's family, the guardian of the minor's estate or a trust company as successor custodian. If the minor has not attained the age of 14 years or if the minor has attained the age of 14 years and fails to act within 60 days after the ineligibility, death, or incapacity, the guardian of the minor's estate shall become the successor custodian. If there is no guardian of the minor's estate or the guardian declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or any other interested person may apply to the court to designate a successor custodian. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-46 Delivery of custodial property to successor custodian
A custodian who declines to serve under R.S. 46:38A-42 or resigns under R.S. 46:38A-44, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall deliver the custodial property and records into the possession and control of the successor custodian. The successor custodian may apply to the court to enforce the obligation to deliver custodial property and records and becomes responsible for each item as received. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-47 Removal of custodian; bond
A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the estate or person of the minor, or the minor if the minor has attained the age of 14 years may apply to the court to remove the custodian for cause and to designate a successor custodian other than a transferor under R.S. 46:38A-8 or to require the custodian to give appropriate bond. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-48 Accounting by and determination of liability of custodian
A minor who has attained the age of 14 years, the guardian of the estate or person of the minor or legal representative of the minor, an adult member of the minor's family, a transferor, or a transferor's legal representative may apply to the court for: a. An accounting by the custodian or the custodian's legal representative; or b. A determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under R.S. 46:38A-39 through R.S. 46:38A-41 to which the minor or the minor's legal representative was a party. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-49 Accounting by predecessor custodian
A successor custodian may apply to the court for an accounting by the predecessor custodian. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-50 Accounting required or permitted by the court
The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-51 Accounting and order for delivery of custodial property upon removal of custodian
If a custodian is removed under R.S. 46:38A-47, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-52 Termination of custodianship
The custodian shall, in an appropriate manner, transfer the custodial property to the minor or to the minor's estate upon the earlier of: a. The minor's attainment of 21 years of age with respect to custodial property transferred under R.S. 46:38A-8 or R.S. 46:38A-9, unless the transferor, at the time the transfer is made, has expressly directed or the governing will or trust expressly directs that the custodianship may be terminated at an earlier stated age after the minor attains the age of 18 years; b. The minor's attainment of majority under the laws of this State other than this chapter with respect to custodial property transferred under R.S. 46:38A-12 or R.S. 46:38A-13; or c. The minor's death. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-53 Applicability of chapter
This chapter applies to a transfer within the scope of R.S. 46:38A-3, R.S. 46:38A-4 and R.S. 46:38A-5 made after its effective date if: a. The transfer purports to have been made under the "New Jersey Uniform Gifts to Minors Act," P.L. 1963, c. 177 (C. 46:38-13 et seq.); or b. The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-54 Validation of certain transfers
Any transfer of custodial property as now defined in this chapter made before the effective date of this chapter is validated, notwithstanding that there was no specific authority in the "New Jersey Uniform Gifts to Minors Act," P.L. 1963, c. 177 (C. 46:38-13 et seq.) for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made. Source: New. P.L. 1987, c. 18, s.1..
N.J. Stat. § 46:38A-55 Construction
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-56 Reservation of power
The Legislature reserves the power to amend, supplement or repeal this chapter. L. 1987, c. 18, s. 1.
N.J. Stat. § 46:38A-57 Laws repealed
The following are repealed effective July 1, 2007: P.L. 1963, c. 177, ss. 1 through 18 inclusive, 20 through 24 inclusive, 26 through 29 inclusive (C. 46:38-13 to C. 46:38-30 inclusive, C. 46:38-32 to C. 46:38-36 inclusive, C. 46:38-38 to C. 46:38-41 inclusive); P.L. 1981, c. 377, ss. 6, 7 and 12 (C. 46:38-19.1, C. 46:38-20.1 and C. 46:38-24.1). P.L. 1987, c. 18, s.1..
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026