2010 New York Code
EPT - Estates, Powers & Trusts
Article 7 - TRUSTS
Part 6 - (7-6.1 - 7-6.26) UNIFORM TRANSFERS TO MINORS ACT
7-6.7 - Transfer by obligor

§ 7-6.7 Transfer by obligor
    (a)  Subject  to paragraphs (b) and (c), a person not subject to 7-6.5
  or 7-6.6 who holds property of or owes a liquidated debt to a minor  not
  having  a  guardian  may make an irrevocable transfer to a custodian for
  the benefit of the minor pursuant to 7-6.9.
    (b) If a person having the right to do so under 7-6.3 has nominated  a
  custodian  under  that  section  to  receive the custodial property, the
  transfer must be made to that person.
    (c) If no custodian has been nominated under 7-6.3, or all persons  so
  nominated  as  custodian die before the transfer or are unable, decline,
  or are ineligible to serve, a transfer under this section may be made to
  an adult member of the minor's family, unless the property exceeds fifty
  thousand dollars in value, or to a trust company.

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