(a) Any transfer of custodial property as now defined in this subtitle made before July 1, 1989, is validated notwithstanding that there was no specific authority in the Maryland Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

(b) This subtitle applies to all transfers made before July 1, 1989, in a manner and form prescribed in the Maryland Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on the effective date of this subtitle.

(c) With respect to the age of a minor for whom custodial property is held, this subtitle does not apply to custodial property held in a custodianship that terminated because of the minor’s attainment of the age of 18 before July 1, 1989.