[ Text of section effective until March 31, 2012. Repealed by 2008, 521, Sec. 23. See 2008, 521, Sec. 44 as amended by 2010, 409, Sec. 23 and 2011, 224.]

  Section 1. An adult person may, during his lifetime, transfer any property owned by him, in any manner otherwise consistent with law, to one or more named persons designated, in substance, as a "Statutory custodianship trustee''. Such transfer shall be sufficient to create a trust upon the terms set forth in this chapter as it is in effect at the date of the transfer without any further trust instrument or designation of terms and without appointment or qualification by any court, and shall be complete upon acceptance of the trust by the trustee or trustees manifested in any form. The trustee or trustees shall serve without giving bond or surety unless the transferor by written instrument, or the probate court upon the application of any person interested in the estate of the transferor and upon good cause shown, shall provide for a bond. All transfers in trust under this chapter shall be revocable by the transferor at any time he has legal capacity by a writing signed by him and delivered to the person, or if more than one to any person serving as trustee.