New York Estates, Powers & Trusts Law Part 6 - UNIFORM TRANSFERS TO MINORS ACT
- 7-6.1 - Definitions
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...
- 7-6.2 - Scope and Jurisdiction
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...
- 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...
- 7-6.4 - Transfer by Gift or Exercise of Power of Appointment
7-6.4 Transfer by gift or exercise of power of appointment A person may make a transfer by irrevocable gift to, or the irrevocable exercise of...
- 7-6.5 - Transfer Authorized by Will or Trust
7-6.5 Transfer authorized by will or trust (a) A personal representative or trustee may make an irrevocable transfer pursuant to 7-6.9 to a custodian for...
- 7-6.6 - Other Transfer by Fiduciary
7-6.6 Other transfer by fiduciary (a) Subject to paragraph (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust...
- 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...
- 7-6.8 - Receipt for Custodial Property
7-6.8 Receipt for custodial property A written acknowledgement of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to a...
- 7-6.9 - Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control
7-6.9 Manner of creating custodial property and effecting transfer; designation of initial custodian; control (a) Custodial property is created and a transfer is made whenever:...
- 7-6.10 - Single Custodianship
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...
- 7-6.11 - Validity and Effect of Transfer
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)...
- 7-6.12 - Care of Custodial Property
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;...
- 7-6.13 - Powers of Custodian
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...
- 7-6.14 - Use of Custodial Property
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...
- 7-6.15 - Custodian's Expenses, Compensation, and Bond
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...
- 7-6.16 - Exemption of Third Person From Liability
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...
- 7-6.17 - Liability to Third Persons
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...
- 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...
- 7-6.19 - Accounting by and Determination of Liability of Custodian
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...
- 7-6.20 - Termination of Custodianship
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...
- 7-6.21 - Age Eighteen Election
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...
- 7-6.22 - 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...
- 7-6.23 - Applicability
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...
- 7-6.24 - Uniformity of Application and Construction
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...
- 7-6.25 - Short Title
7-6.25 Short title This part may be cited as "The New York Uniform Transfers to Minors Act."
- 7-6.26 - Severability
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...
Last modified: February 3, 2019