EPTL 7-6.7 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7-6.6 Other transfer by fiduciary up PART 6 Uniform Transfers to Minors Act next SECTION 7-6.8 Receipt for custodial property Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7-6.7 Transfer by obligor Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 6 § 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.