2010 New York Code
EPT - Estates, Powers & Trusts
Article 7 - TRUSTS
Part 6 - (7-6.1 - 7-6.26) UNIFORM TRANSFERS TO MINORS ACT
7-6.18 - 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.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.