§ 7-6.1 Definitions In this part: (a) “Adult” means an individual who has attained the age of twenty-one years. (b) “Benefit plan” means an employer’s plan for the benefit of an employee or partner or an individual retirement account. (c) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or […]
§ 7-6.10 Single custodianship A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this part by the same custodian for the benefit of the same minor constitutes a single custodianship.
§ 7-6.11 Validity and effect of transfer (a) The validity of a transfer made in a manner prescribed in this part is not affected by: (1) The failure of the transferor to comply with paragraph (c) of 7-6.9 concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the […]
§ 7-6.12 Care of custodial property (a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. (b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by […]
§ 7-6.13 Powers of custodian (a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section does not relieve a custodian from […]
§ 7-6.14 Use of custodial property (a) A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (1) the duty or ability of the […]
§ 7-6.15 Custodian’s expenses, compensation, and bond (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (b) Except for one who is a transferor under 7-6.4, a custodian has an election during each calendar year to charge reasonable compensation for services performed during […]
§ 7-6.16 Exemption of third person from liability A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for […]
§ 7-6.17 Liability to third persons (a) A claim based on (1) a contract entered into by a custodian acting in a custodial capacity, (2) an obligation arising from the ownership or control of custodial property, or (3) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the […]
§ 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 […]
§ 7-6.19 Accounting by and determination of liability of custodian (a) A minor who has attained the age of fourteen years, the minor’s guardian or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court (1) for an accounting by the custodian or the custodian’s […]
§ 7-6.2 Scope and jurisdiction (a) This part applies to a transfer that refers to this part in the designation under paragraph (a) of 7-6.9 by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property […]
§ 7-6.20 Termination of custodianship The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (a) the minor’s attainment of twenty-one years of age with respect to custodial property transferred under 7-6.4 or 7-6.5; (b) the minor’s attainment of age eighteen or […]
§ 7-6.21 Age eighteen election Notwithstanding the foregoing sections of this part, if with respect to any gift made pursuant to 7-6.9, the designations of the custodian contains, in substance, the phrase, “until age eighteen”, then all records of the custodian with respect to such gift shall contain such phrase, and the gift shall be […]
§ 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 […]
§ 7-6.23 Applicability This part applies to a transfer within the scope of 7-6.2 made on or after January first, nineteen hundred ninety-seven if: (a) the transfer purports to have been made under the New York Uniform Gifts to Minor Act; or (b) the instrument by which the transfer purports to have been made uses […]
§ 7-6.24 Uniformity of application and construction This part shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this part among states enacting it.
§ 7-6.25 Short title This part may be cited as “The New York Uniform Transfers to Minors Act.”
§ 7-6.26 Severability If any provisions of this part or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this part which can be given effect without the invalid provision or application, and to this end provisions of this part are severable.
§ 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 […]
