§ 7-6.3 — Nomination of custodian

New York § 7-6.3

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

Text

§ 7-6.3 Nomination of custodian\n (a) A person having the right to designate the recipient of property\ntransferable upon the occurrence of a future event may revocably\nnominate a custodian to receive the property for a minor beneficiary\nupon the occurrence of the event by naming the custodian followed in\nsubstance by the words "as custodian for _________________ (name of\nminor) under the New York Uniform Transfers to Minors Act." The\nnomination may name one or more persons as substitute custodians to whom\nthe property must be transferred, in the order named, if the first\nnominated custodian dies before the transfer or is unable, declines, or\nis ineligible to serve. The nomination may be made in a will, a trust, a\ndeed, an instrument exercising a power of appointment, or in a writing\ndesignating a beneficiary of contractual rights which is registered with\nor delivered to the payor, issuer, or other obligor of the contractual\nrights.\n (b) A custodian nominated under this section must be a person to whom\na transfer of property of that kind may be made under paragraph (a) of\n7-6.9.\n (c) The nomination of a custodian under this section does not create\ncustodial property until the nominating instrument becomes irrevocable\nor a transfer to the nominated custodian is completed under 7-6.9.\nUnless the nomination of a custodian has been revoked, upon the\noccurrence of the future event the custodianship becomes effective and\nthe custodian shall enforce a transfer of the custodial property\npursuant to 7-6.9.\n