§ 7-6.6 — Other transfer by fiduciary

New York § 7-6.6

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

Text

§ 7-6.6 Other transfer by fiduciary\n (a) Subject to paragraph (c), a personal representative or trustee may\nmake an irrevocable transfer to another adult or trust company as\ncustodian for the benefit of a minor pursuant to 7-6.9, in the absence\nof a will or under a will or trust that does not contain an\nauthorization to do so.\n (b) Subject to paragraph (c), a guardian may make an irrevocable\ntransfer to another adult or trust company as custodian for the benefit\nof the minor pursuant to 7-6.9.\n (c) A transfer under paragraph (a) or (b) may be made only if (i) the\npersonal representative, trustee, or guardian considers the transfer to\nbe in the best interest of the minor, (ii) the transfer is not\nprohibited by or inconsistent with provisions of the applicable will,\ntrust agreement, or other governing instrument, and (iii) if the\npersonal representative is acting in the absence of a will, the transfer\nis authorized by the court if it exceeds fifty thousand dollars in\nvalue.\n