(a) This subchapter applies to a transfer or declaration creating a custodial trust that refers to this subchapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to this subchapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from this state.(b) A transfer made pursuant to an act of another state substantially similar to this subchapter is governed by the law of that state and may be enforced in this state.Acts 1991, No. 273, § 19.
Arkansas Legal Code