2006 New York Code - Renunciation, Resignation, Death, Or Removal Of Custodian; Designation Of Successor Custodian

 
  §  7-6.18  Renunciation,  resignation,  death,  or removal of custodian;
  designation of successor custodian
    (a) A person nominated  under  7-6.3  or  designated  under  7-6.9  as
  custodian  may  decline to serve by delivering a valid disclaimer to the
  person who made the nomination or to the transferor or the  transferor's
  legal  representative.  If  the  event giving rise to a transfer has not
  occurred and no substitute custodian  able,  willing,  and  eligible  to
  serve  was nominated under 7-6.3, the person who made the nomination may
  nominate a substitute custodian under 7-6.3; otherwise the transferor or
  the transferor's  legal  representative  shall  designate  a  substitute
  custodian  at  the  time  of the transfer, in either case from among the
  persons eligible to serve as custodian for that kind of  property  under
  paragraph  (a) of 7-6.9. The custodian so designated has the rights of a
  successor custodian.
    (b) A custodian at any time may designate a trust company or an  adult
  other  than a transferor under 7-6.4 as successor custodian by executing
  and dating an instrument of designation  before  a  subscribing  witness
  other  than  the  successor.  If  the instrument of designation does not
  contain or is not accompanied by the resignation of the  custodian,  the
  designation  of  the  successor does not take effect until the custodian
  resigns, dies, become incapacitated, or is removed. The  transferor  may
  designate  one  or  more  persons as successor custodian to serve in the
  designated  order  of  priority,  in  case  the   custodian   originally
  designated  or  a  prior  successor custodian is unable, declines, or is
  ineligible to serve or  resigns,  dies,  becomes  incapacitated,  or  is
  removed.    The  designation  either  (1)  shall  be  made  in  the same
  transaction and by the same document by which the transfer is  made,  or
  (2)  shall  be  made  by  executing  and dating a separate instrument of
  designation before a subscribing witness other than  a  successor  as  a
  part of the same transaction and contemporaneously with the execution of
  the  document  by which the transfer is made. The designation is made by
  setting forth the successor custodian's name, followed in  substance  by
  the  words:  "is  designated successor custodian." A successor custodian
  designated by the transferor may be a trust company or  an  adult  other
  than the transferor. A successor custodian effectively designated by the
  transferor  has  priority  over  a  successor  custodian designated by a
  custodian.
    (c) A custodian may resign at any time by delivering written notice to
  the minor if the minor has attained the age of fourteen years and to the
  successor custodian and by delivering  the  custodial  property  to  the
  successor custodian.
    (d)  If  the  transferor  has  not  effectively designated one or more
  successor custodians and a custodian is  ineligible,  dies,  or  becomes
  incapacitated  without having effectively designated a successor and the
  minor has attained the age of fourteen years, the minor may designate as
  successor custodian, in the manner prescribed in paragraph (b), an adult
  member of the minor's family, a  guardian  of  the  minor,  or  a  trust
  company.  If  the  minor  has  not attained the age of fourteen years or
  fails to act within  sixty  days  after  the  ineligibility,  death,  or
  incapacity,  the  guardian  of the minor becomes successor custodian. If
  the minor  has  no  guardian  or  the  guardian  declines  to  act,  the
  transferor,  the  legal  representative  of  the  transferor  or  of the
  custodian,  an  adult  member  of  the  minor's  family,  or  any  other
  interested  person  may  petition  the  court  to  designate a successor
  custodian.
    (e) A custodian who declines to serve under paragraph (a)  or  resigns
  under  paragraph  (c),  or  the  legal  representative  of a deceased or
  incapacitated custodian, as soon as practicable, shall put the custodial
  property and records in the possession  and  control  of  the  successor
  custodian.  The successor custodian by action may enforce the obligation
  to deliver custodial property and records and  becomes  responsible  for
  each item as received.
    (f)  A  transferor, the legal representative of a transferor, an adult
  member of the minor's family, a guardian of the minor, or the  minor  if
  the  minor has attained the age of fourteen years may petition the court
  to remove the custodian for cause and to designate a successor custodian
  other than a transferor under 7-6.4 or to require the custodian to  give
  appropriate bond.