reglab/housing_qa huggingface dataset:
NY Est Pow & Trusts L § 7-6.12 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.12 - Care of Custodial Property

§ 7-6.12 Care of custodial property  (a) A custodian shall:  (1) take control of custodial property;  (2) register or record title to custodial property if appropriate; and  (3) collect, hold, manage, invest, and reinvest custodial property.  (b)  In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute  restricting investments  by  fiduciaries  and is specifically authorized to delegate investment and management functions  in  the  manner  of  a  trustee  as provided  in  section  11-2.3.  If  a  custodian  has a special skill or expertise or is named custodian on the basis  of  representations  of  a special  skill  or  expertise,  the  custodian  shall  use that skill or expertise. However, a  custodian,  in  the  custodian's  discretion  and without  liability  to  the  minor or the minor's estate, may retain any custodial property received from a transferor.  (c) A custodian may invest in or pay premiums  on  life  insurance  or endowment policies on (1) the life of the minor only if the minor or the minor's  estate  is  the  sole  beneficiary,  or (2) the life of another person in whom the minor has an insurable interest only  to  the  extent that  the minor, the minor's estate, or the custodian in the capacity of custodian, is the irrevocable beneficiary.  (d) A custodian at all times shall keep  custodial  property  separate and  distinct from all other property in a manner sufficient to identify it clearly as  custodial  property  of  the  minor.  Custodial  property consisting  of certificated securities may be held on deposit at a stock brokerage firm or a financial institution registered in a street name or nominee name. Custodial property consisting of an undivided interest  is so  identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified  if it  is  recorded,  and  custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: "as  a custodian  for_______________(name  of minor) under the New York Uniform Transfers to Minors Act."  (e) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the  preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of fourteen years.
NY Est Pow & Trusts L § 7-6.13 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.13 - Powers of Custodian

§ 7-6.13 Powers of custodian  (a)  A  custodian, acting in a custodial capacity, has all the rights, powers, and authority  over  custodial  property  that  unmarried  adult owners  have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.  (b) This section does not  relieve  a  custodian  from  liability  for breach of 7-6.12.
NY Est Pow & Trusts L § 7-6.14 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.14 - Use of Custodial Property

§ 7-6.14 Use of custodial property  (a)  A  custodian  may  deliver  or pay to the minor or expend for the minor's benefit so much of  the  custodial  property  as  the  custodian considers  advisable for the use and benefit of the minor, without court order and without regard to (1) the duty or  ability  of  the  custodian personally or of any other person to support the minor, or (2) any other income or property of the minor which may be applicable or available for the support of the minor.  (b)  On petition of an interested person or the minor if the minor has attained the age of fourteen years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use  and benefit of the minor.  (c)  A  delivery,  payment,  or  expenditure  under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.
NY Est Pow & Trusts L § 7-6.15 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.15 - Custodian's Expenses, Compensation, and Bond

§ 7-6.15 Custodian's expenses, compensation, and bond  (a)  A  custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of  the  custodian's duties.  (b) Except for one who is a transferor under 7-6.4, a custodian has an election during each calendar year to charge reasonable compensation for services  performed  during  that year. A custodian's election to charge reasonable compensation for a calendar year must be exercised during the calendar year.  (c) Except as provided in paragraph (f) of 7-6.18, a  custodian  shall not be required to give a bond.
NY Est Pow & Trusts L § 7-6.16 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.16 - Exemption of Third Person From Liability

§ 7-6.16 Exemption of third person from liability   A  third  person  in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to  make  a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:  (a) the validity of the purported custodian's designation;  (b) the propriety of, or the authority under this part for, any act of the purported custodian;  (c)  the  validity  or  propriety under this part of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or  (d) the propriety of the application of  any  property  of  the  minor delivered to the purported custodian.
NY Est Pow & Trusts L § 7-6.17 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.17 - Liability to Third Persons

§ 7-6.17 Liability to third persons  (a) A claim based on (1) a contract entered into by a custodian acting in a custodial capacity, (2) an obligation arising from the ownership or control  of  custodial  property,  or  (3)  a  tort committed during the custodianship,  may  be  asserted  against  the  custodial  property  by proceeding  against  the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor.  (b) A custodian is not personally liable:  (1) on a contract properly entered  into  in  the  custodial  capacity unless  the  custodian fails to reveal that capacity and to identify the custodianship in the contract; or  (2) for an obligation arising from control of  custodial  property  or for  a  tort  committed during the custodianship unless the custodian is personally at fault.  (c) A minor is not personally liable for an  obligation  arising  from ownership  of  custodial  property  or  for  a tort committed during the custodianship unless the minor is personally at fault.
NY Est Pow & Trusts L § 7-6.19 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.19 - Accounting by and Determination of Liability of Custodian

§ 7-6.19 Accounting by and determination of liability of custodian  (a)  A  minor  who has attained the age of fourteen years, the minor's guardian or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative  may  petition  the court  (1)  for  an accounting by the custodian or the custodian's legal representative; or (2) for a determination of responsibility, as between the custodial property and the custodian personally, for claims  against the custodial property unless the responsibility has been adjudicated in an  action  under  7-6.17  to  which  the  minor  or  the  minor's legal representative was a party.  (b) A successor custodian may petition the court for an accounting  by the predecessor custodian.  (c)  The  court,  in  a  proceeding  under  this  part or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.  (d) If a custodian is removed under paragraph (f) of 7-6.18, the court shall require an accounting and order delivery of the custodial property and records  to  the  successor  custodian  and  the  execution  of  all instruments required for transfer of the custodial property.
NY Est Pow & Trusts L § 7-6.20 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.20 - Termination of Custodianship

§ 7-6.20 Termination of custodianship   The  custodian  shall  transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:  (a) the minor's attainment of twenty-one years of age with respect  to custodial property transferred under 7-6.4 or 7-6.5;  (b)  the  minor's attainment of age eighteen or other statutory age of majority of New York with  respect  to  custodial  property  transferred under 7-6.6 or 7-6.7; or  (c) the minor's death.
NY Est Pow & Trusts L § 7-6.21 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.21 - Age Eighteen Election

§ 7-6.21 Age eighteen electionNotwithstanding  the  foregoing sections of this part, if with respect   to any gift made pursuant to 7-6.9, the designations  of  the  custodian   contains,  in  substance,  the  phrase,  "until  age eighteen", then all   records of the custodian with respect to such gift  shall  contain  such   phrase,  and  the  gift  shall be administered under this part as if the   word "eighteen" were substituted for the word "twenty-one" wherever such   word appears in paragraphs (a) and (k) of section 7-6.1 and  in  section   7-6.20.
NY Est Pow & Trusts L § 7-6.22 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.22 - Effect on Existing Custodianships

§ 7-6.22 Effect on existing custodianships  (a)  Any  transfer  of  custodial  property made before January first, nineteen hundred ninety-seven is validated  notwithstanding  that  there was  no specific authority in part 4 of this article for the coverage of custodial property of that kind or for a transfer from  that  source  at the time the transfer was made.  (b)  All  accounts  established  under  part  4 of this article and in existence on January  first,  nineteen  hundred  ninety-seven  shall  be governed  by  the  provisions  of  this  part  except  insofar  as  such application impairs constitutionally vested rights. Notwithstanding  the provisions  of this paragraph, the age of termination in effect prior to January first, nineteen hundred ninety-seven shall remain in effect with respect to such accounts, including any additions  made  after  December thirty-first, nineteen hundred ninety-six.  (c)  To  the extent that this part, by virtue of paragraph (b) of this section, does not apply to transfers made in a manner prescribed in part 4 of this article or to the powers, duties, and immunities conferred  by transfers  in  that  manner  upon  custodians  and  persons dealing with custodians, the repeal of part 4 of this article shall not affect  those transfers or those powers, duties, and immunities.
NY Est Pow & Trusts L § 7-6.23 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.23 - Applicability

§ 7-6.23 Applicability   This  part  applies to a transfer within the scope of 7-6.2 made on or after January first, nineteen hundred ninety-seven if:  (a) the transfer purports to have been made under the New York Uniform Gifts to Minor Act; or  (b) the instrument by which the transfer purports to  have  been  made uses  in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform  Transfers  to  Minors Act"  of any other state,  and the application of this part is necessary to validate the transfer.
NY Est Pow & Trusts L § 7-6.24 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.24 - Uniformity of Application and Construction

§ 7-6.24 Uniformity of application and constructionThis  part  shall  be  applied and construed to effectuate its general   purpose to make uniform the law with respect to the subject of this part   among states enacting it.
NY Est Pow & Trusts L § 7-6.25 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.25 - Short Title

§ 7-6.25 Short titleThis  part  may  be cited as "The New York Uniform Transfers to Minors   Act."
NY Est Pow & Trusts L § 7-6.26 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 6 - Uniform Transfers to Minors Act 7-6.26 - Severability

§ 7-6.26 SeverabilityIf  any  provisions  of  this part or its application to any person or   circumstances is held invalid, the  invalidity  does  not  affect  other   provisions  or  applications  of  this  part  which  can be given effect   without the invalid provision or application, and to this end provisions   of this part are severable.
NY Est Pow & Trusts L § 7-8.1 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 7 - Trusts Part 8 - Honorary Trusts for Pets 7-8.1 - Trusts for Pets

§ 7-8.1 Trusts for pets  (a)  A  trust  for  the care of a designated domestic or pet animal is valid. The intended use of the principal or income may be enforced by an individual designated for that purpose in the trust  instrument  or,  if none, by an individual appointed by a court upon application to it by an individual,  or by a trustee. Such trust shall terminate when the living animal beneficiary or beneficiaries of such trust are no longer alive.  (b) Except as expressly provided otherwise in the trust instrument, no portion of the principal or income may be converted to the  use  of  the trustee or to any use other than for the benefit of all covered animals.  (c)  Upon termination, the trustee shall transfer the unexpended trust property as directed in the trust instrument or, if there  are  no  such directions  in  the  trust  instrument,  the  property shall pass to the estate of the grantor.  (d) A court may reduce the amount of the property  transferred  if  it determines that amount substantially exceeds the amount required for the intended  use. The amount of the reduction, if any, passes as unexpended trust property pursuant to paragraph (c) of this section.  (e) If no trustee is designated or no designated trustee is willing or able to serve, a court shall appoint a trustee and may make  such  other orders  and  determinations  as are advisable to carry out the intent of the transferor and the purpose of this section.
NY Est Pow & Trusts L § 8-1.2 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 8 - Charitable Trusts Part 1 - Rules Governing Charitable Trusts 8-1.2 - Certain Charitable Trusts Authorized

§ 8-1.2 Certain charitable trusts authorized  (a)  Property  may  be  disposed of to any incorporated educational or literary institution in this state, to be held in trust for any  one  or more of the following purposes:  (1) To establish and maintain an observatory;  (2) To found and maintain professorships and scholarships;  (3) To provide and keep in repair a place for the burial of the dead.  (4) For any other specific purpose comprehended in the general objects authorized by its charter.  (b)  The  trust  may  be  made  subject  to  such conditions as may be prescribed by the creator and agreed to by the trustee, and all property which is hereafter  disposed  of  to  any  incorporated  educational  or literary  institution in trust for any of the foregoing purposes, may be held by such institution under such trust, subject to such conditions as may be prescribed.  (c) Property may be disposed of to any incorporated city or village of this state to  be  held  in  trust  for  any  educational  purpose,  the diffusion  of  knowledge,  or  for the relief of distress, or for parks, gardens, other ornamental  grounds  or  grounds  for  military  parades, exercise,  health  and recreation, within or near such incorporated city or village, upon such conditions as may be prescribed by the creator and agreed to by such corporation; and all property so transferred  to  such corporation  may  be  held  by  it,  under  such  trust, subject to such conditions as may be prescribed.  (d) Property may be disposed of to commissioners of common schools  of any  town  and  to  trustees  of  any  school district, in trust for the benefit of such common schools or the schools of such district.  (e) The trusts authorized by this section may continue for  such  time as  may  be  necessary  to  accomplish  the  purposes for which they are created.
NY Est Pow & Trusts L § 8-1.5 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 8 - Charitable Trusts Part 1 - Rules Governing Charitable Trusts 8-1.5 - Trusts for Cemetery Purposes

§ 8-1.5 Trusts for cemetery purposesDispositions  of  property  in  trust for the purpose of the perpetual   care, maintenance, improvement or embellishment of cemeteries or private   burial lots in cemeteries,  and  the  roadways,  lawns,  hedges,  walks,   fences,  monuments,  structures  and tombs in such cemeteries or on such   private burial lots  are  permitted  and  shall  be  deemed  to  be  for   charitable and benevolent purposes. Such dispositions are not invalid by   reason of any indefiniteness or uncertainty of the persons designated as   beneficiaries,  nor shall they be invalid as violating any existing rule   against perpetuities. Nothing herein contained shall affect any existing   authority of the courts to determine the reasonableness of the amount of   such disposition. Any cemetery association may act  as  trustee  of  and   execute  any  such  trust with respect to lots, roadways, lawns, hedges,   walks, fences, monuments, structures  and  tombs  both  within  its  own   cemetery limits and outside of any cemetery under its control but within   the  county where such cemetery is located, whether or not such power is   included among its corporate powers.
NY Est Pow & Trusts L § 8-1.6 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 8 - Charitable Trusts Part 1 - Rules Governing Charitable Trusts 8-1.6 - Deposit of Money in Trust by Owner of Lots in Private Unincorporated Cemetery

§ 8-1.6 Deposit   of  money  in  trust  by  owner  of  lots  in  privateunincorporated cemeteryThe owner of lots in any private unincorporated cemetery  may  deposit   in  trust  for  the  care  of such lots a sum not exceeding four hundred   dollars for each lot so owned with any    bank  or  banking  institution   located  in  a  city,  town  or  village  conveniently near such private   unincorporated cemetery, provided such bank or  banking  institution  is   willing  to  accept such money in trust and agrees to apply the proceeds   of the interest thereon to the care and upkeep of such lots.  Such banks   or banking institutions are hereby authorized to accept such  money  for   the  purpose  described herein and to apply the proceeds of the interest   thereon to the care and upkeep of any such lots.  The provisions of this   section do not apply to savings banks.
NY Est Pow & Trusts L § 8-1.7 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 8 - Charitable Trusts Part 1 - Rules Governing Charitable Trusts 8-1.7 - Authority of Trustee to Accumulate Income

§ 8-1.7 Authority of trustee to accumulate income  (a)  Where  property  has been transferred in trust for any religious, charitable, educational  or  benevolent  purpose,  or  acquired  by  the trustee  of  a  trust for such purpose, the trustee is authorized in his discretion, notwithstanding the absence of any direction therefor in the disposition creating the trust, to accumulate the  income  therefrom  to the  extent  necessary  to  carry  out  the  purposes  of the trust. The authority herein granted is subject:  (1) To any  express  or  implied  prohibition  by  the  terms  of  the disposition  creating  the trust, by any statute in force at the time of the accumulation or by the charter  of  a  corporate  trustee  or  other document  or regulation controlling the trustee in the administration of the trust.  (2) To the supervision of the supreme court or the surrogate's  court, as  provided  in  8-1.1,  and  to any contrary direction by order of the court in an action or proceeding thereunder.  (b) This section shall not restrict in any  manner  the  appropriation for  expenditure  or  accumulation  of  endowment  funds as set forth in section 553 of the not-for-profit corporation law.
NY Est Pow & Trusts L § 9-1.1 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 9 - Perpetuities and Accumulations Part 1 - Perpetuities 9-1.1 - Rule Against Perpetuities

§ 9-1.1 Rule against perpetuities  (a)  (1)  The absolute power of alienation is suspended when there are no persons in being by whom an absolute fee or estate in possession  can be conveyed or transferred.  (2) Every present or future estate shall be void in its creation which shall  suspend  the  absolute  power  of alienation by any limitation or condition for a longer period than lives in being at the creation of the estate and a term of not more than  twenty-one  years.  Lives  in  being shall  include  a  child conceived before the creation of the estate but born thereafter. In no case shall the lives  measuring  the  permissible period  be  so  designated  or so numerous as to make proof of their end unreasonably difficult.  (b) No estate in property shall be valid unless it must  vest,  if  at all, not later than twenty-one years after one or more lives in being at the  creation  of the estate and any period of gestation involved. In no case shall lives measuring the  permissible  period  of  vesting  be  so designated  or  so  numerous  as to make proof of their end unreasonably difficult.
NY Est Pow & Trusts L § 9-1.2 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 9 - Perpetuities and Accumulations Part 1 - Perpetuities 9-1.2 - Reduction of Age Contingency

§ 9-1.2 Reduction of age contingencyWhere  an  estate  would,  except for this section, be invalid because   made to depend, for  its  vesting  or  its  duration,  upon  any  person   attaining or failing to attain an age in excess of twenty-one years, the   age  contingency  shall  be reduced to twenty-one years as to any or all   persons subject to such contingency.