N.Y. EPT Law § 7-6.9 — New York Code / Act EPT / Article 7 / Part 6 / Section 7-6.9
Manner of creating custodial property and effecting transfer;
Status: in_force

§ 7-6.9 Manner of creating custodial property and effecting transfer;\ndesignation of initial custodian; control\n  (a) Custodial property is created and a transfer is made whenever:\n  (1) an uncertificated security or certificated security in registered\nform is either:\n  (i) registered in the name of the transferor, an adult other than the\ntransferor, or a trust company, followed in substance by the words: "as\ncustodian for _______________________ (name of minor) under the New York\nUniform Transfers to Minors Act"; or\n  (ii) delivered, if in certificated form, or any document necessary for\nthe transfer of an uncertificated security is delivered, together with\nany necessary endorsement, to an adult other than the transferor or to a\ntrust company, as custodian, accompanied by an instrument in\nsubstantially the form set forth in paragraph (b);\n  (2) money is paid or delivered, or a security held in the name of a\nbroker, financial institution, or its nominee is transferred, to a\nbroker or financial institution for credit to an account in the name of\nthe transferor, an adult other than the transferor, or a trust company,\nfollowed in substance by the words: "as custodian for\n_____________________ (name of minor) under the New York Uniform\nTransfers to Minors Act";\n  (3) the ownership of a life or endowment insurance policy or annuity\ncontract is either:\n  (i) registered with the issuer in the name of the transferor, an adult\nother than the transferor, or a trust company, followed in substance by\nthe words: "as custodian for ______________________ (name of minor)\nunder the New York Uniform Transfers to Minors Act"; or\n  (ii) assigned in a writing delivered to an adult other than the\ntransferor, or to a trust company whose name in the assignment is\nfollowed in substance by the words:  "as custodian for _________________\n(name of minor) under the New York Uniform Transfers to Minors Act";\n  (4) an irrevocable exercise of a power of appointment or an\nirrevocable present right to future payment under a contract is the\nsubject of a written notification delivered to the payor, issuer, or\nother obligor that the right is transferred to the transferor, an adult\nother than the transferor, or a trust company, whose name in the\nnotification is followed in substance by the words:  "as custodian for\n_____________________ (name of minor) under the New York Uniform\nTransfers to Minors Act";\n  (5) an interest in real property is recorded in the name of the\ntransferor, an adult other than the transferor, or a trust company,\nfollowed in substance by the words: "as custodian for\n______________________ (name of minor) under the New York Uniform\nTransfers to Minors Act";\n  (6) a certificate of title issued by a department or agency of a state\nor of the United States which evidences title to tangible personal\nproperty is either:\n  (i) issued in the name of the transferor, an adult other than the\ntransferor, or a trust company, followed in substance by the words: "as\ncustodian for __________________ (name of minor) under the New York\nUniform Transfers to Minors Act"; or\n  (ii) delivered to an adult other than the transferor or to a trust\ncompany, endorsed to that person followed in substance by the words: "as\ncustodian for ___________________________ (name of minor) under the New\nYork Uniform Transfers to Minors Act"; or\n  (7) an interest in any property not described in subparagraphs (1)\nthrough (6) is transferred to an adult other than the transferor or to a\ntrust company by a written instrument in substantially the form set\nforth in paragraph (b).\n  (b) An instrument in the following form satisfies the requirements of\nclause (ii) of subparagraph (1) and subparagraph (7) of paragraph (a):\n                  "TRANSFER UNDER THE NEW YORK UNIFORM\n                         TRANSFERS TO MINORS ACT\n  I, __________________ (name of transferor or name and representative\ncapacity if a fiduciary) hereby transfer to ________________ (name of\ncustodian), as custodian for ________________ (name of minor) under the\nNew York Uniform Transfers to Minors Act, the following: (insert a\ndescription of the custodial property sufficient to identify it).\nDated: _____________________\n       __________________________________\n            (Signature)\n_________________________ (name of custodian) acknowledges receipt of\nthe property described above as custodian for the minor named above\nunder the New York Uniform Transfers to Minors Act.\nDated: _____________________\n       _________________________________"\n           (Signature of Custodian)\n  (c) A transferor shall place the custodian in control of the custodial\nproperty as soon as practicable.\n