§ 7-6.22 — Effect on existing custodianships

New York § 7-6.22

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

Text

§ 7-6.22 Effect on existing custodianships\n (a) Any transfer of custodial property made before January first,\nnineteen hundred ninety-seven is validated notwithstanding that there\nwas no specific authority in part 4 of this article for the coverage of\ncustodial property of that kind or for a transfer from that source at\nthe time the transfer was made.\n (b) All accounts established under part 4 of this article and in\nexistence on January first, nineteen hundred ninety-seven shall be\ngoverned by the provisions of this part except insofar as such\napplication impairs constitutionally vested rights. Notwithstanding the\nprovisions of this paragraph, the age of termination in effect prior to\nJanuary first, nineteen hundred ninety-seven shall remain in effect with\nrespect to such accounts, including any additions made after December\nthirty-first, nineteen hundred ninety-six.\n (c) To the extent that this part, by virtue of paragraph (b) of this\nsection, does not apply to transfers made in a manner prescribed in part\n4 of this article or to the powers, duties, and immunities conferred by\ntransfers in that manner upon custodians and persons dealing with\ncustodians, the repeal of part 4 of this article shall not affect those\ntransfers or those powers, duties, and immunities.\n