§ 7-6.18 — Renunciation, resignation, death, or removal of custodian;

New York § 7-6.18

• Jurisdiction: New York
• Law EPT: Estates, Powers & Trusts
• Part 6: Uniform Transfers to Minors Act
• Art. 7: Trusts

Text

§ 7-6.18 Renunciation, resignation, death, or removal of custodian;\ndesignation of successor custodian\n (a) A person nominated under 7-6.3 or designated under 7-6.9 as\ncustodian may decline to serve by delivering a valid disclaimer to the\nperson who made the nomination or to the transferor or the transferor's\nlegal representative. If the event giving rise to a transfer has not\noccurred and no substitute custodian able, willing, and eligible to\nserve was nominated under 7-6.3, the person who made the nomination may\nnominate a substitute custodian under 7-6.3; otherwise the transferor or\nthe transferor's legal representative shall designate a substitute\ncustodian at the time of the transfer, in either case from among the\npersons eligible to serve as custodian for that kind of property under\nparagraph (a) of 7-6.9. The custodian so designated has the rights of a\nsuccessor custodian.\n (b) A custodian at any time may designate a trust company or an adult\nother than a transferor under 7-6.4 as successor custodian by executing\nand dating an instrument of designation before a subscribing witness\nother than the successor. If the instrument of designation does not\ncontain or is not accompanied by the resignation of the custodian, the\ndesignation of the successor does not take effect until the custodian\nresigns, dies, become incapacitated, or is removed. The transferor may\ndesignate one or more persons as successor custodian to serve in the\ndesignated order of priority, in case the custodian originally\ndesignated or a prior successor custodian is unable, declines, or is\nineligible to serve or resigns, dies, becomes incapacitated, or is\nremoved.\n The designation either (1) shall be made in the same transaction and\nby the same document by which the transfer is made, or (2) shall be made\nby executing and dating a separate instrument of designation before a\nsubscribing witness other than a successor as a part of the same\ntransaction and contemporaneously with the execution of the document by\nwhich the transfer is made. The designation is made by setting forth the\nsuccessor custodian's name, followed in substance by the words: "is\ndesignated successor custodian." A successor custodian designated by the\ntransferor may be a trust company or an adult other than the transferor.\nA successor custodian effectively designated by the transferor has\npriority over a successor custodian designated by a custodian.\n (c) A custodian may resign at any time by delivering written notice to\nthe minor if the minor has attained the age of fourteen years and to the\nsuccessor custodian and by delivering the custodial property to the\nsuccessor custodian.\n (d) If the transferor has not effectively designated one or more\nsuccessor custodians and a custodian is ineligible, dies, or becomes\nincapacitated without having effectively designated a successor and the\nminor has attained the age of fourteen years, the minor may designate as\nsuccessor custodian, in the manner prescribed in paragraph (b), an adult\nmember of the minor's family, a guardian of the minor, or a trust\ncompany. If the minor has not attained the age of fourteen years or\nfails to act within sixty days after the ineligibility, death, or\nincapacity, the guardian of the minor becomes successor custodian. If\nthe minor has no guardian or the guardian declines to act, the\ntransferor, the legal representative of the transferor or of the\ncustodian, an adult member of the minor's family, or any other\ninterested person may petition the court to designate a successor\ncustodian.\n (e) A custodian who declines to serve under paragraph (a) or resigns\nunder paragraph (c), or the legal representative of a deceased or\nincapacitated custodian, as soon as practicable, shall put the custodial\nproperty and records in the possession and control of the successor\ncustodian. The successor custodian by action may enforce the obligation\nto deliver custodial property and records and becomes responsible for\neach item as received.\n (f) A transferor, the legal representative of a transferor, an adult\nmember of the minor's family, a guardian of the minor, or the minor if\nthe minor has attained the age of fourteen years may petition the court\nto remove the custodian for cause and to designate a successor custodian\nother than a transferor under 7-6.4 or to require the custodian to give\nappropriate bond.\n