2010 New York Code
EPT - Estates, Powers & Trusts
Article 7 - TRUSTS
Part 6 - (7-6.1 - 7-6.26) UNIFORM TRANSFERS TO MINORS ACT
7-6.3 - Nomination of custodian

§ 7-6.3 Nomination of custodian
    (a)  A  person having the right to designate the recipient of property
  transferable upon  the  occurrence  of  a  future  event  may  revocably
  nominate  a  custodian  to  receive the property for a minor beneficiary
  upon the occurrence of the event by naming  the  custodian  followed  in
  substance  by  the  words  "as  custodian for _________________ (name of
  minor) under  the  New  York  Uniform  Transfers  to  Minors  Act."  The
  nomination may name one or more persons as substitute custodians to whom
  the  property  must  be  transferred,  in  the order named, if the first
  nominated custodian dies before the transfer or is unable, declines,  or
  is ineligible to serve. The nomination may be made in a will, a trust, a
  deed,  an  instrument exercising a power of appointment, or in a writing
  designating a beneficiary of contractual rights which is registered with
  or delivered to the payor, issuer, or other obligor of  the  contractual
    (b)  A custodian nominated under this section must be a person to whom
  a transfer of property of that kind may be made under paragraph  (a)  of
    (c)  The  nomination of a custodian under this section does not create
  custodial property until the nominating instrument  becomes  irrevocable
  or  a  transfer  to  the  nominated  custodian is completed under 7-6.9.
  Unless the  nomination  of  a  custodian  has  been  revoked,  upon  the
  occurrence  of  the future event the custodianship becomes effective and
  the custodian  shall  enforce  a  transfer  of  the  custodial  property
  pursuant to 7-6.9.

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.