Applicability.

The Uniform Transfers to Minors Act applies to a transfer within the scope of Section 3 [46-7-13 NMSA 1978] of that act made after its effective date if: A. the transfer purports to have been made under the Uniform Gifts to Minors Act of New Mexico; 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 the Uniform Transfers to Minors Act is necessary to validate the transfer.