2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.9 - Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control

§  7-6.9  Manner  of creating custodial property and effecting transfer;
designation of initial custodian; control
(a) Custodial property is created and a transfer is made whenever:
(1) an uncertificated security or certificated security in  registered
form is either:
(i)  registered in the name of the transferor, an adult other than the
transferor, or a trust company, followed in substance by the words:  "as
custodian for _______________________ (name of minor) under the New York
Uniform Transfers to Minors Act"; or
(ii) delivered, if in certificated form, or any document necessary for
the  transfer  of an uncertificated security is delivered, together with
any necessary endorsement, to an adult other than the transferor or to a
trust  company,  as  custodian,  accompanied   by   an   instrument   in
substantially the form set forth in paragraph (b);
(2)  money  is  paid or delivered, or a security held in the name of a
broker, financial institution, or  its  nominee  is  transferred,  to  a
broker  or financial institution for credit to an account in the name of
the transferor, an adult other than the transferor, or a trust  company,
followed    in    substance    by   the   words:   "as   custodian   for
_____________________  (name  of  minor)  under  the  New  York  Uniform
Transfers to Minors Act";
(3)  the  ownership of a life or endowment insurance policy or annuity
contract is either:
(i) registered with the issuer in the name of the transferor, an adult
other than the transferor, or a trust company, followed in substance  by
the  words:  "as  custodian  for  ______________________ (name of minor)
under the New York Uniform Transfers to Minors Act"; or
(ii) assigned in a writing  delivered  to  an  adult  other  than  the
transferor,  or  to  a  trust  company  whose  name in the assignment is
followed in substance by the words:  "as custodian for _________________
(name of minor) under the New York Uniform Transfers to Minors Act";
(4)  an  irrevocable  exercise  of  a  power  of  appointment  or   an
irrevocable  present  right  to  future  payment under a contract is the
subject of a written notification delivered to  the  payor,  issuer,  or
other  obligor that the right is transferred to the transferor, an adult
other than the transferor,  or  a  trust  company,  whose  name  in  the
notification  is  followed in substance by the words:  "as custodian for
_____________________  (name  of  minor)  under  the  New  York  Uniform
Transfers to Minors Act";
(5)  an  interest  in  real  property  is  recorded in the name of the
transferor, an adult other than the  transferor,  or  a  trust  company,
followed    in    substance    by   the   words:   "as   custodian   for
______________________ (name  of  minor)  under  the  New  York  Uniform
Transfers to Minors Act";
(6) a certificate of title issued by a department or agency of a state
or  of  the  United  States  which  evidences title to tangible personal
property is either:
(i) issued in the name of the transferor,  an  adult  other  than  the
transferor,  or a trust company, followed in substance by the words: "as
custodian for __________________ (name of  minor)  under  the  New  York
Uniform Transfers to Minors Act"; or
(ii)  delivered  to  an  adult other than the transferor or to a trust
company, endorsed to that person followed in substance by the words: "as
custodian for ___________________________ (name of minor) under the  New
York Uniform Transfers to Minors Act"; or
(7)  an  interest  in  any property not described in subparagraphs (1)
through (6) is transferred to an adult other than the transferor or to a

trust company by a written instrument  in  substantially  the  form  set
forth in paragraph (b).
(b)  An instrument in the following form satisfies the requirements of
clause (ii) of subparagraph (1) and subparagraph (7) of paragraph (a):
"TRANSFER UNDER THE NEW YORK UNIFORM
TRANSFERS TO MINORS ACT
I, __________________ (name of transferor or name  and  representative
capacity  if  a  fiduciary) hereby transfer to ________________ (name of
custodian), as custodian for ________________ (name of minor) under  the
New  York  Uniform  Transfers  to  Minors  Act, the following: (insert a
description of the custodial property sufficient to identify it).
Dated: _____________________
__________________________________
(Signature)
_________________________ (name of custodian)  acknowledges  receipt  of
the  property  described  above  as  custodian for the minor named above
under the New York Uniform Transfers to Minors Act.
Dated: _____________________
_________________________________"
Signature of Custodian)
(c) A transferor shall place the custodian in control of the custodial
property as soon as practicable.