(1) Any transfer of custodial property made before January 1, 1986, is validated notwithstanding that there was no specific authority in ORS § 126.805 to 126.886 prior to January 1, 1986, for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

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(2) ORS § 126.805 to 126.886 apply to all transfers made before January 1, 1986, in a manner and form prescribed in the Oregon Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on January 1, 1986.

(3) ORS § 126.805 and 126.869 with respect to the age of a minor for whom custodial property is held under ORS § 126.805 to 126.886 do not apply to custodial property held in a custodianship that terminated because of the minor’s attainment of 18 years of age after October 4, 1973, and before January 1, 1986. [1985 c.665 § 23]

[1959 c.640 § 18; 1967 c.300 § 10; repealed by 1985 c.665 § 27]