NY Est Pow & Trusts L § 7-7.1 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 7 - Child Performer Trust Account 7-7.1 - Child Performer Trust Account

§ 7-7.1 Child performer trust account   1.  Scope. This section applies to contracts pursuant to which a child performer:  (a) is employed or agrees to render artistic or creative services  for a  fee,  either directly or through a third-party individual or personal services corporation (loan-out company), or through an agency or service that provides artistic or creative services (casting agency); and  (b) agrees to purchase, or otherwise secure, sell, lease, or otherwise dispose of literary, musical,  or  dramatic  properties,  or  use  of  a person's   likeness,  voice  recording,  performance,  or  story  of  or incidents in his or her life, either  tangible  or  intangible,  or  any other  rights  therein  for  use  in  motion  pictures,  television, the production of sound recordings in any  format  now  known  or  hereafter devised,   the   legitimate   or  living  stage,  or  otherwise  in  the entertainment field.   2. Establishment of  child  performer  trust  account.  (a)  Employer. Within  thirty  days  following the final day of employment, except when the performance contract is a period longer than thirty  days,  a  child performer's  employer  is  required to transfer fifteen percent of gross earnings to the custodian of the child performer's child performer trust account. When the employment is longer than thirty  days,  the  employer shall  make  the  required transfer every payroll period. Transfers must conform with part six of this article. The use of an instrument to  make the   transfer  which  substantially  conforms  with  section  7-6.9  is sufficient. If the child performer's  employer  has  not  been  notified within  fifteen  days of the commencement of employment of the existence of a child  performer  trust  account,  or  no  such  account  has  been established,  then  the  child  performer's employer shall transfer such monies together with the child performer's name and last  known  address to  the  state  comptroller  for  placement  into  the child performer's holding fund established in section ninety-nine-k of the  state  finance law and such monies shall be administered by the state comptroller. Once transfers  have  been made to the child performer's trust account or the child performer's holding fund, as required  by  this  subdivision,  the child performer's employer has no further duty under this section.  (b) Custodian and guardian. Within fifteen days of the commencement of employment  the child performer's guardian or custodian must establish a child performer trust account  in  accordance  with  part  six  of  this article,  unless  an  account  has previously been established. Once the child performer trust account has been established the child performer's guardian or custodian shall notify the child performer's employer of the existence of the account and any additional information required to make transfers. The custodian of the account shall promptly notify the  child performer's  employer of any change in facts which affect the employer's obligation to set aside funds under this section. Upon  request  of  the parent,  legal  guardian or the child performer's guardian ad litem, the custodian may require the child performer's employer  to  transfer  more than  fifteen percent of the gross earnings to the child performer trust account. The child performer's parent or legal  guardian  may  serve  as custodian.  Once  the  child performer trust account balance reaches two hundred fifty  thousand  dollars  or  more  a  trust  company  shall  be appointed as custodian of the account.  (c)  Termination of child performer trust account. The child performer may terminate the child performer trust account upon reaching the age of eighteen.   3. Standard for child performer trust accounts.  Custodian  management of  funds  which  are required to be placed into a child performer trust  account shall be subject to part six of this article,  in  all  respects except as provided in this section.