NY Est Pow & Trusts L § 7-6.18 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.18 - Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian

§  7-6.18  Renunciation,  resignation, death, or removal of custodian; designation of successor custodian  (a) A person nominated  under  7-6.3  or  designated  under  7-6.9  as custodian  may  decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the  transferor's legal  representative.  If  the  event giving rise to a transfer has not occurred and no substitute custodian  able,  willing,  and  eligible  to serve  was nominated under 7-6.3, the person who made the nomination may nominate a substitute custodian under 7-6.3; otherwise the transferor or the transferor's  legal  representative  shall  designate  a  substitute custodian  at  the  time  of the transfer, in either case from among the persons eligible to serve as custodian for that kind of  property  under paragraph  (a) of 7-6.9. The custodian so designated has the rights of a successor custodian.  (b) A custodian at any time may designate a trust company or an  adult other  than a transferor under 7-6.4 as successor custodian by executing and dating an instrument of designation  before  a  subscribing  witness other  than  the  successor.  If  the instrument of designation does not contain or is not accompanied by the resignation of the  custodian,  the designation  of  the  successor does not take effect until the custodian resigns, dies, become incapacitated, or is removed. The  transferor  may designate  one  or  more  persons as successor custodian to serve in the designated  order  of  priority,  in  case  the   custodian   originally designated  or  a  prior  successor custodian is unable, declines, or is ineligible to serve or  resigns,  dies,  becomes  incapacitated,  or  is removed.   The  designation  either (1) shall be made in the same transaction and by the same document by which the transfer is made, or (2) shall be made by executing and dating a separate instrument of  designation  before  a subscribing  witness  other  than  a  successor  as  a  part of the same transaction and contemporaneously with the execution of the document  by which the transfer is made. The designation is made by setting forth the successor  custodian's  name,  followed  in  substance by the words: "is designated successor custodian." A successor custodian designated by the transferor may be a trust company or an adult other than the transferor. A successor custodian  effectively  designated  by  the  transferor  has priority over a successor custodian designated by a custodian.  (c) A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of fourteen years and to the successor  custodian  and  by  delivering  the custodial property to the successor custodian.  (d) If the transferor has  not  effectively  designated  one  or  more successor  custodians  and  a  custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and  the minor has attained the age of fourteen years, the minor may designate as successor custodian, in the manner prescribed in paragraph (b), an adult member  of  the  minor's  family,  a  guardian  of the minor, or a trust company. If the minor has not attained the  age  of  fourteen  years  or fails  to  act  within  sixty  days  after  the ineligibility, death, or incapacity, the guardian of the minor becomes  successor  custodian.  If the  minor  has  no  guardian  or  the  guardian  declines  to  act, the transferor, the  legal  representative  of  the  transferor  or  of  the custodian,  an  adult  member  of  the  minor's  family,  or  any  other interested person may  petition  the  court  to  designate  a  successor custodian.  (e)  A  custodian who declines to serve under paragraph (a) or resigns under paragraph (c), or  the  legal  representative  of  a  deceased  or incapacitated custodian, as soon as practicable, shall put the custodial  property  and  records  in  the  possession and control of the successor custodian. The successor custodian by action may enforce the  obligation to  deliver  custodial  property and records and becomes responsible for each item as received.  (f)  A  transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the minor, or the  minor  if the  minor has attained the age of fourteen years may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under 7-6.4 or to require the custodian to  give appropriate bond.