reglab/statecodes huggingface dataset:
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 2 - Rules Governing Trustees › 7-2.1 - Extent of Trustee's Estate

§ 7-2.1 Extent of trustee's estate
(a)  Except  as  otherwise  provided in this article, an express trust
vests in the trustee the legal estate, subject only to the execution  of
the  trust,  and  the  beneficiary does not take any legal estate in the
property but may enforce the trust.
(b) This section  does  not  prevent  the  creator  of  a  trust  from
providing  to whom the property shall belong in the event of the failure
or termination of the trust or from disposing of the property subject to
the execution of the trust. Such a transferee shall have a legal  estate
in  the  property  as  against  all persons except the trustee and those
lawfully claiming under him.
(c) A trust as described in sections 9-1.5, 9-1.6  and  9-1.7  of  the
estates, powers and trusts law, including a business trust as defined in
subdivision  two  of  section  two  of the general associations law, may
acquire property in the name of the trust as such name is designated  in
the  instrument  creating  said  trust. Any property, so acquired can be
conveyed, encumbered or otherwise disposed of only in  such  name  by  a
conveyance, encumbrance or other instrument executed by:
(1)  the  person or persons authorized by the instrument creating said
trust; or
(2) the person or persons authorized by a resolution duly  adopted  by
the trustees; or
(3)  a  majority  of  the trustees unless the instrument creating said
trust otherwise provides.
Any instrument of conveyance,  encumbrance  or  disposition  delivered
prior  to  the  effective date of this section to or by a trust to which
this section applies, in its trust name  is  hereby  validated  provided
that  no  action  or  proceeding  to  cancel  or  disaffirm  it shall be
instituted within one year from the effective date hereof,  but  nothing
herein contained shall affect any such pending action or proceeding.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 2 - Rules Governing Trustees › 7-2.2 - When Estate of Trustee Ceases

§ 7-2.2 When estate of trustee ceases
When  the  purpose  for  which an express trust is created ceases, the
  estate of the trustee also ceases.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 2 - Rules Governing Trustees › 7-2.3 - Trust Estate Not to Descend on Death of Trustee; Appointment, Duties and Rights of Successor Trustee

§ 7-2.3 Trust  estate  not  to descend on death of trustee; appointment,
duties and rights of successor trustee
(a) On the death of the sole surviving trustee of  an  express  trust,
the trust estate does not vest in his personal representative or pass to
his  distributees  or  devisees,  but,  in  the  absence  of  a contrary
direction by the creator, if the trust has not been executed, the  trust
estate  vests in the supreme court or the surrogate's court, as the case
may be, and the trust shall be executed by a  person  appointed  by  the
court.
(b)  Upon  such  notice to the beneficiaries of the trust as the court
may direct of an application for the appointment of a successor trustee,
unless the creator has directed  otherwise,  the  court  may  appoint  a
successor trustee, even though the trust has terminated, whenever in the
opinion  of  the  court  such appointment is necessary for the effective
administration and distribution of the  trust  estate,  subject  to  the
following:
(1)  A  successor  trustee  shall  give security in such amount as the
court may direct.
(2) A successor trustee shall be subject to the  same  duties,  as  to
accounting  and  trust administration, as are imposed by law on trustees
and, in addition to the reasonable expenses incurred in  the  course  of
trust  administration,  shall  be entitled to such commissions as may be
fixed by any court having jurisdiction to pass upon such trustee's final
account, which shall in no case exceed the commissions allowable by  law
to trustees.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 2 - Rules Governing Trustees › 7-2.4 - Act of Trustee in Contravention of Trust

§ 7-2.4 Act of trustee in contravention of trust
If the trust is expressed in the instrument creating the estate of the
  trustee,  every  sale,  conveyance  or  other  act  of  the  trustee  in
  contravention of the trust, except as authorized by this article and  by
  any other provision of law, is void.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 2 - Rules Governing Trustees › 7-2.6 - Resignation, Suspension or Removal of Trustee

§ 7-2.6 Resignation, suspension or removal of trustee
(a)  Subject  to the relevant provisions of the civil practice law and
rules, the supreme court has power:
(1) On the application of a trustee, to accept his resignation and  to
discharge him on such terms as it deems proper.
(2)  On  the application of any person interested in the trust estate,
to suspend or remove a trustee who has violated or threatens to  violate
his  trust,  who  is  insolvent  or  whose  insolvency  is  imminent  or
apprehended or who for any reason is a person unsuitable to execute  the
trust.
(3)  In  case of the resignation or removal of a trustee, to appoint a
successor trustee and, if there is no acting trustee, to cause the trust
to be executed by a receiver or other officer under its direction.  This
section does not apply to a trust arising or resulting by implication of
law, nor where other provision is  made  by  law  for  the  resignation,
suspension  or  removal  of  a trustee or the appointment of a successor
trustee.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 2 - Rules Governing Trustees › 7-2.7 - Accounting by Trustee in Supreme Court

§ 7-2.7 Accounting by trustee in supreme court
(a)  Any  proceeding  for  an  accounting or other relief brought by a
trustee or by a substituted or successor trustee  may  be  commenced  by
such  notice  to the beneficiaries of the trust as the supreme court may
direct.
(b) In case of the resignation, suspension  or  removal,  pursuant  to
this article, of any trustee of a trust which includes real property and
mortgage  participation  certificates  held  by more than one person and
secured by a mortgage on real property or any estate therein, payment of
which certificates is not guaranteed by the trustee or by any  title  or
mortgage guaranty or investment company, the court in its discretion may
dispense with a formal accounting by such trustee; but the trustee shall
file with the court a statement of the condition of the trust and of the
security underlying such certificates as of the date of his resignation,
suspension  or  removal  and shall assign, transfer or convey all of the
assets of the trust to the successor trustee or to the receiver or other
officer appointed by the court, as the case may be.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 2 - Rules Governing Trustees › 7-2.8 - Commissions of Trustee to Sell Real Property for Benefit of Creditors

§ 7-2.8 Commissions  of  trustee  to  sell  real property for benefit of
creditors
A trustee of a  trust  to  sell  real  property  for  the  benefit  of
  creditors  is  entitled  to  the same commissions as an assignee for the
  benefit of creditors.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 3 - Rights of Purchasers, Creditors and Other Persons › 7-3.2 - Bona Fide Purchasers and Creditors Protected

§ 7-3.2 Bona fide purchasers and creditors protected
An  express trust not declared in the disposition to the trustee or an
  implied or resulting trust does not defeat the title of a purchaser from
  the trustee for value and without notice of the trust, or the rights  of
  a  creditor  who  extended  credit  to  the trustee in reliance upon his
  apparent ownership of the trust property.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 3 - Rights of Purchasers, Creditors and Other Persons › 7-3.3 - Person Paying Money to the Trustee Protected

§ 7-3.3 Person paying money to the trustee protected
A person who in good faith transfers money or property to a trustee is
  not  responsible  for  the proper application of such money or property;
  and any right or title derived by him from the trustee in  consideration
  of such transfer is not affected by the trustee's misapplication of such
  money or property.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 3 - Rights of Purchasers, Creditors and Other Persons › 7-3.4 - Excess Income From Trust Property Subject to Creditors' Claims

§ 7-3.4 Excess income from trust property subject to creditors' claims
Where  a  trust  is created to receive the income from property and no
  valid direction for accumulation is given, the income in excess  of  the
  sum  necessary  for  the  education  and  support  of the beneficiary is
  subject to the claims of his creditors  in  the  same  manner  as  other
  property which cannot be reached by execution.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 3 - Rights of Purchasers, Creditors and Other Persons › 7-3.5 - Rights of Creditors to Obtain Information Concerning Beneficiaries

§ 7-3.5 Rights   of   creditors   to   obtain   information   concerning
beneficiaries
(a) Any person who has furnished necessaries to a beneficiary  of  any
trust  may  apply  to  the court having jurisdiction of the trust for an
order directing the trustee thereof to furnish to the applicant the true
and full name and residence address of any such beneficiary. As used  in
this  section, the term "necessaries" means goods furnished and services
performed suitable to the condition in life of the person to  whom  they
are  furnished  or  for whose benefit they are performed, and which meet
his actual needs at the time such necessaries are provided.
(b) The application shall be made by a verified petition which  states
(1) the name and address of petitioner, (2) the nature and extent of the
necessaries provided, (3) the person by whom and the circumstances under
which  they were provided, (4) the amount of the indebtedness claimed to
exist, (5) the name of the person to whom  or  for  whose  benefit  such
necessaries  were  provided, (6) a description of the trust of which the
person to whom such necessaries were provided is a beneficiary  and  (7)
the name of the trustee administering such trust.
(c)  Such  petition shall also show the efforts made by the petitioner
to locate the beneficiary and that more than ten days have elapsed since
petitioner requested in writing that the trustee furnish the address  of
any such beneficiary. The petition may contain such other information as
is relevant to the inquiry.
(d) The proceeding may be initiated by citation or order to show cause
served  on  the trustee personally or in such manner and at such time as
the court may direct. A copy of the petition shall be  served  with  the
process.
(e)  Upon  the  return of the process the court, if satisfied that the
allegations of the petition are true and that the petitioner is entitled
to the relief sought, may make an order directing the trustee to furnish
to petitioner the true and  full  name  and  residence  address  of  any
beneficiary  to  whom  necessaries  were provided. The order may fix the
time within which such name and address shall be furnished.  Failure  to
comply with an order so made shall be punishable as a contempt of court.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 5 - Bank Accounts in Trust Form › 7-5.1 - Definitions

§ 7-5.1 Definitions
(a)  A  "beneficiary" is a person who is described by a depositor as a
person for whom a trust account is established or maintained.
(b) A "depositor" is a person in whose name a trust account subject to
this part is established or maintained.
(c) A "financial institution"  is  a  bank,  trust  company,  national
banking  association,  savings  bank,  industrial  bank, private banker,
foreign banking corporation, federal savings  and  loan  association,  a
savings  institution  chartered  and supervised as a savings and loan or
similar institution under federal law or the laws of a state, a  federal
credit  union, or a credit union chartered and supervised under the laws
of a state.
(d) A "trust  account"  includes  a  savings,  share,  certificate  or
deposit  account  in  a financial institution established by a depositor
describing himself as  trustee  for  another,  other  than  a  depositor
describing  himself  as  acting  under a will, trust instrument or other
instrument, court order or decree.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 5 - Bank Accounts in Trust Form › 7-5.2 - Terms of a Trust Account

§ 7-5.2 Terms of a trust account
The  funds  in  a  trust account, which shall include any dividends or
interest thereon, shall be trust funds subject to the following terms:
(1) The trust can be revoked, terminated or modified by the  depositor
during  his lifetime only by means of, and to the extent of, withdrawals
from or charges against the trust account  made  or  authorized  by  the
depositor  or  by a writing which specifically names the beneficiary and
the financial institution. The writing shall be acknowledged  or  proved
in  the  manner  required  to entitle conveyances of real property to be
recorded, and shall be filed with the financial institution wherein  the
account is maintained.
(2)  A trust can be revoked, terminated or modified by the depositor's
will only by means of, and  to  the  extent  of,  an  express  direction
concerning  such  trust  account, which must be described in the will as
being in trust for a named beneficiary in a named financial institution.
Where the depositor has more than one trust  account  for  a  particular
beneficiary in a particular financial institution, such a direction will
affect all such accounts, unless the direction is limited to one or more
accounts  specifically  identified  by account number in addition to the
foregoing  requirements.  A  testamentary  revocation,  termination   or
modification  under  this  paragraph can be effected by express words of
revocation, termination or modification, or by a specific bequest of the
trust account, or any part of it, to someone other than the beneficiary.
A bequest of part of a trust  account  shall  operate  as  a  pro  tanto
revocation to the extent of the bequest.
(3)  If  the  depositor  survives  the  beneficiary,  the  trust shall
terminate and title to the funds shall continue in  the  depositor  free
and clear of the trust.
(4)  If  the  beneficiary  survives the depositor, and the depositor's
will contains no provision revoking, terminating or modifying the  trust
account  under paragraph (2), the trust shall terminate and title to the
funds shall vest in the beneficiary free and clear of the trust.
(5) If the beneficiary survives the depositor and the depositor's will
contains language sufficient under paragraph two  of  this  section,  to
revoke, terminate or modify the trust, in whole or in part, that part of
the trust which is affected shall terminate and title to the funds shall
be subject to disposition by the depositor's will, free and clear of the
trust.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 5 - Bank Accounts in Trust Form › 7-5.3 - Payment to Beneficiary

§ 7-5.3 Payment to beneficiary
(a)  If the beneficiary survives the depositor under the circumstances
provided in paragraph four of section 7-5.2, the funds shall be paid  to
the  beneficiary  upon  his  order,  if,  at  the time of his demand for
payment of all or part of the funds, he is eighteen  or  more  years  of
age.
(b)  If the beneficiary survives the depositor under the circumstances
provided in paragraph four of section 7-5.2, and if the  beneficiary  is
under  eighteen  years of age at the time demand for payment of any part
or all of the funds is made, the funds may be paid to the order  of  the
parent  or parents of the beneficiary to be held for the use and benefit
of such infant beneficiary  or  to  the  order  of  the  duly  appointed
guardian  of  the property of the beneficiary, if the funds are equal to
or are less than ten thousand dollars; but if the funds  are  more  than
ten  thousand  dollars,  the  funds may be paid only to the order of the
duly appointed guardian of the property of the beneficiary.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 5 - Bank Accounts in Trust Form › 7-5.4 - Effect of Payment

§ 7-5.4 Effect of payment
A financial institution which, upon the death of a depositor and prior
  to  service  upon  it  of  a  restraining  order,  injunction  or  other
  appropriate process from a court of competent  jurisdiction  prohibiting
  payment,  makes  payment to a beneficiary or if the beneficiary is under
  eighteen years of age, to the guardian of the property or to the  parent
  or  parents  of the infant beneficiary pursuant to section 7-5.3, shall,
  to the extent of such payment, be released from liability to any  person
  claiming  a  right  to  the  funds and the receipt or acquittance of the
  person to whom payment is made shall be a valid and  sufficient  release
  and discharge of the financial institution.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 5 - Bank Accounts in Trust Form › 7-5.5 - Rights Not Affected

§ 7-5.5 Rights not affected
This part does not affect:
(1) The rights of creditors of the depositor or his estate,
(2) The rights of fiduciaries of the estate of the depositor, or
(3) The rights of the surviving spouse of the depositor.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 5 - Bank Accounts in Trust Form › 7-5.6 - Joint Depositors

§ 7-5.6 Joint depositors
If  a  trust  account  is  established  in  the names of more than one
  depositor, in form to be paid or delivered to any, or  the  survivor  of
  them,  in  trust for another, such account shall be subject to the terms
  of this part, except that the title to the funds on deposit, as  between
  the depositors, shall be governed by article XIII-E of the banking law.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 5 - Bank Accounts in Trust Form › 7-5.7 - Multiple Beneficiaries.

§ 7-5.7 Multiple beneficiaries
(a)  Whenever  any  proceeds of a trust account would pass pursuant to
section 7-5.2 to two or more beneficiaries, such proceeds shall pass  to
such  beneficiaries  in equal proportions, unless the terms of the trust
provide otherwise.
(b) Whenever any proceeds of a trust account would  pass  pursuant  to
section  7-5.2  to  two  or  more  beneficiaries, and one or more of the
beneficiaries predeceases the depositor, such proceeds shall pass to the
surviving beneficiary or beneficiaries in equal proportions, unless  the
terms of the trust provide otherwise.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 5 - Bank Accounts in Trust Form › 7-5.8

§ 7-5.8 Application
This  part  shall  apply to all funds in trust accounts, as defined in
  paragraph (d) of section 7-5.1, which are in existence on its  effective
  date,  except  that its provisions shall not impair or defeat any rights
  which have accrued prior to such date.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.1 - Definitions

§ 7-6.1 Definitions
In this part:
(a) "Adult" means an individual who has attained the age of twenty-one
years.
(b)  "Benefit  plan"  means  an  employer's plan for the benefit of an
employee or partner or an individual retirement account.
(c) "Broker" means a  person  lawfully  engaged  in  the  business  of
effecting transactions in securities or commodities for the person's own
account or for the account of others.
(d)  "Court" means   the supreme court or the surrogate's court having
jurisdiction over the minor.
(e)  "Custodial  property"  means  (i)  any   interest   in   property
transferred  to a custodian under this part and (ii) the income from and
proceeds of that interest in property.
(f) "Custodian"  means  a  person  so  designated  under  7-6.9  or  a
successor or substitute custodian designated under 7-6.18.
(g)  "Financial  institution"  means  a  bank,  trust company, savings
institution, or credit union, chartered and supervised  under  state  or
federal law.
(h) "Guardian" means a person appointed or qualified by a court to act
as  general,  limited,  or temporary guardian of a minor's property or a
person legally authorized to perform substantially the same functions.
(i)   "Legal   representative"   means   an   individual's    personal
representative or guardian.
(j)  "Member  of the minor's family" means any of the minor's parents,
stepparents, spouse, grandparents, brothers, sisters, uncles, and aunts,
whether of the whole  blood  or  half  blood  or  by  or  through  legal
adoption.
(k)  "Minor"  means  an  individual  who  has  not attained the age of
twenty-one years.
(l) "Person" means an individual, corporation, organization, or  other
legal entity.
(m)  "Personal representative" means a person who has received letters
to administer the estate of a decedent or a person legally authorized to
perform substantially the same functions.
(n) "State" includes any state of the United States, the  District  of
Columbia,  the  Commonwealth  of  Puerto  Rico,  and  any  territory  or
possession subject to the legislative authority of the United States.
(o) "Transfer" means a transaction  that  creates  custodial  property
under 7-6.9.
(p) "Transferor" means a person who makes a transfer under this part.
(q)  "Trust  company"  means  a financial institution, corporation, or
other legal entity, authorized to exercise general trust powers in  this
state.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.2 - Scope and Jurisdiction

§ 7-6.2 Scope and jurisdiction
(a)  This  part  applies to a transfer that refers to this part in the
designation under paragraph (a) of 7-6.9 by which the transfer  is  made
if  at  the  time  of  the  transfer,  the transferor, the minor, or the
custodian is a resident of this  state  or  the  custodial  property  is
located  in  this state. The custodianship so created remains subject to
this part despite a subsequent change in residence of a transferor,  the
minor,  or the custodian, or the removal of custodial property from this
state.
(b) A person designated as custodian under this  part  is  subject  to
personal  jurisdiction in this state with respect to any matter relating
to the custodianship.
(c) A transfer that purports to be made and which is valid  under  the
Uniform  Transfers  to Minors Act, the Uniform Gifts to Minors Act, or a
substantially similar act, of another state is governed by  the  law  of
the  designated  state  and  may  be executed and is enforceable in this
state if at the time of the transfer, the transferor, the minor, or  the
custodian  is  a  resident  of  the  designated  state  or the custodial
property is located in the designated state.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.3 - Nomination of Custodian

§ 7-6.3 Nomination of custodian
(a)  A  person having the right to designate the recipient of property
transferable upon  the  occurrence  of  a  future  event  may  revocably
nominate  a  custodian  to  receive the property for a minor beneficiary
upon the occurrence of the event by naming  the  custodian  followed  in
substance  by  the  words  "as  custodian for _________________ (name of
minor) under  the  New  York  Uniform  Transfers  to  Minors  Act."  The
nomination may name one or more persons as substitute custodians to whom
the  property  must  be  transferred,  in  the order named, if the first
nominated custodian dies before the transfer or is unable, declines,  or
is ineligible to serve. The nomination may be made in a will, a trust, a
deed,  an  instrument exercising a power of appointment, or in a writing
designating a beneficiary of contractual rights which is registered with
or delivered to the payor, issuer, or other obligor of  the  contractual
rights.
(b)  A custodian nominated under this section must be a person to whom
a transfer of property of that kind may be made under paragraph  (a)  of
7-6.9.
(c)  The  nomination of a custodian under this section does not create
custodial property until the nominating instrument  becomes  irrevocable
or  a  transfer  to  the  nominated  custodian is completed under 7-6.9.
Unless the  nomination  of  a  custodian  has  been  revoked,  upon  the
occurrence  of  the future event the custodianship becomes effective and
the custodian  shall  enforce  a  transfer  of  the  custodial  property
pursuant to 7-6.9.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.4 - Transfer by Gift or Exercise of Power of Appointment

§ 7-6.4 Transfer by gift or exercise of power of appointment
A  person  may  make  a  transfer  by  irrevocable  gift  to,  or  the
  irrevocable exercise of a power of appointment in favor of, a  custodian
  for the benefit of a minor pursuant to 7-6.9.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.5 - Transfer Authorized by Will or Trust

§ 7-6.5 Transfer authorized by will or trust
(a)  A  personal  representative  or  trustee  may make an irrevocable
transfer pursuant to 7-6.9 to a custodian for the benefit of a minor  as
authorized in the governing will or trust.
(b)  If  the testator or settler has nominated a custodian under 7-6.3
to receive the custodial property, the transfer must  be  made  to  that
person.
(c)  If  the  testator  or settler has not nominated a custodian under
7-6.3, or all persons so nominated as custodian die before the  transfer
or  are  unable,  decline,  or  are  ineligible  to  serve, the personal
representative or the trustee, as the case may be, shall  designate  the
custodian  from  among those eligible to serve as custodian for property
of that kind under paragraph (a) of 7-6.9.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.6 - Other Transfer by Fiduciary

§ 7-6.6 Other transfer by fiduciary
(a) Subject to paragraph (c), a personal representative or trustee may
make  an  irrevocable  transfer  to  another  adult  or trust company as
custodian for the benefit of a minor pursuant to 7-6.9, in  the  absence
of  a  will  or  under  a  will  or  trust  that  does  not  contain  an
authorization to do so.
(b) Subject to paragraph (c),  a  guardian  may  make  an  irrevocable
transfer  to another adult or trust company as custodian for the benefit
of the minor pursuant to 7-6.9.
(c) A transfer under paragraph (a) or (b) may be made only if (i)  the
personal  representative, trustee, or guardian considers the transfer to
be in the  best  interest  of  the  minor,  (ii)  the  transfer  is  not
prohibited  by  or  inconsistent with provisions of the applicable will,
trust agreement,  or  other  governing  instrument,  and  (iii)  if  the
personal representative is acting in the absence of a will, the transfer
is  authorized  by  the  court  if  it exceeds fifty thousand dollars in
value.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.7 - Transfer by Obligor

§ 7-6.7 Transfer by obligor
(a)  Subject  to paragraphs (b) and (c), a person not subject to 7-6.5
or 7-6.6 who holds property of or owes a liquidated debt to a minor  not
having  a  guardian  may make an irrevocable transfer to a custodian for
the benefit of the minor pursuant to 7-6.9.
(b) If a person having the right to do so under 7-6.3 has nominated  a
custodian  under  that  section  to  receive the custodial property, the
transfer must be made to that person.
(c) If no custodian has been nominated under 7-6.3, or all persons  so
nominated  as  custodian die before the transfer or are unable, decline,
or are ineligible to serve, a transfer under this section may be made to
an adult member of the minor's family, unless the property exceeds fifty
thousand dollars in value, or to a trust company.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.8 - Receipt for Custodial Property

§ 7-6.8 Receipt for custodial property
A  written  acknowledgement  of  delivery by a custodian constitutes a
  sufficient receipt and discharge for custodial property transferred to a
  custodian pursuant to this part.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.10 - Single Custodianship

§ 7-6.10 Single custodianship
A  transfer may be made only for one minor, and only one person may be
  the custodian. All custodial property held under this part by  the  same
  custodian  for  the  benefit  of  the  same  minor  constitutes a single
  custodianship.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 7 - Trusts › Part 6 - Uniform Transfers to Minors Act › 7-6.11 - Validity and Effect of Transfer

§ 7-6.11 Validity and effect of transfer
(a)  The  validity  of  a transfer made in a manner prescribed in this
part is not affected by:
(1) The failure of the transferor to  comply  with  paragraph  (c)  of
7-6.9 concerning possession and control;
(2)  designation of an ineligible custodian, except designation of the
transferor  in  the  case  of  property  for  which  the  transferor  is
ineligible to serve as custodian under paragraph (a) of 7-6.9; or
(3)  death  or  incapacity  of  a  person  nominated  under  7-6.3  or
designated under 7-6.9 as custodian or the disclaimer of the  office  by
that person.
(b)  A  transfer  made  pursuant  to  7-6.9  is  irrevocable,  and the
custodial  property  is  indefeasibly  vested  in  the  minor,  but  the
custodian  has all the rights, powers, duties, and authority provided in
this part, and neither the minor nor the  minor's  legal  representative
has  any  right, power, duty, or authority with respect to the custodial
property except as provided in this part.
(c)  By  making  a  transfer,  the  transferor  incorporates  in   the
disposition all the provisions of this part and grants to the custodian,
and  to  any third person dealing with a person designated as custodian,
the respective powers, rights, and immunities provided in this part.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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 election
Notwithstanding  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.
2023 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.
2023 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.
2023 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 construction
This  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.
2023 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 Severability
If  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.
2023 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.
2023 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.