2006 New York Code - Effect On Existing Custodianships

 
  § 7-6.22 Effect on existing custodianships
    (a)  Any  transfer  of  custodial  property made before January first,
  nineteen hundred ninety-seven is validated  notwithstanding  that  there
  was  no specific authority in part 4 of this article for the coverage of
  custodial property of that kind or for a transfer from  that  source  at
  the time the transfer was made.
    (b)  All  accounts  established  under  part  4 of this article and in
  existence on January  first,  nineteen  hundred  ninety-seven  shall  be
  governed  by  the  provisions  of  this  part  except  insofar  as  such
  application impairs constitutionally vested rights. Notwithstanding  the
  provisions  of this paragraph, the age of termination in effect prior to
  January first, nineteen hundred ninety-seven shall remain in effect with
  respect to such accounts, including any additions  made  after  December
  thirty-first, nineteen hundred ninety-six.
    (c)  To  the extent that this part, by virtue of paragraph (b) of this
  section, does not apply to transfers made in a manner prescribed in part
  4 of this article or to the powers, duties, and immunities conferred  by
  transfers  in  that  manner  upon  custodians  and  persons dealing with
  custodians, the repeal of part 4 of this article shall not affect  those
  transfers or those powers, duties, and immunities.