N.Y. Estates, Powers & Trusts Law Section 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 a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to 7-6.9.

(b)

If a person having the right to do so under 7-6.3 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.

(c)

If no custodian has been nominated under 7-6.3, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family, unless the property exceeds fifty thousand dollars in value, or to a trust company.

Source: Section 7-6.7 — Transfer by obligor, https://www.­nysenate.­gov/legislation/laws/EPT/7-6.­7 (updated Sep. 22, 2014; accessed May 4, 2024).

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Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 7-6.7’s source at nysenate​.gov

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