Title EPT, Estates, Powers & Trusts

§ 7-1.9 Revocation of trusts\n (a) Upon the written consent, acknowledged or proved in the manner\nrequired by the laws of this state for the recording of a conveyance of\nreal property, of all the persons beneficially interested in a trust of\nproperty, heretofore or hereafter c…

§ 7-2.1 Extent of trustee's estate\n (a) Except as otherwise provided in this article, an express trust\nvests in the trustee the legal estate, subject only to the execution of\nthe trust, and the beneficiary does not take any legal estate in the\nproperty but may enforce the tru…

§ 7-2.2 When estate of trustee ceases\n When the purpose for which an express trust is created ceases, the\nestate of the trustee also ceases.\n

§ 7-2.3 Trust estate not to descend on death of trustee; appointment,\n duties and rights of successor trustee\n (a) On the death of the sole surviving trustee of an express trust,\nthe trust estate does not vest in his personal representative or pass to\nhis distributees or devi…

§ 7-2.4 Act of trustee in contravention of trust\n If the trust is expressed in the instrument creating the estate of the\ntrustee, every sale, conveyance or other act of the trustee in\ncontravention of the trust, except as authorized by this article and by\nany other provision …

§ 7-2.5 Suspension of powers of trustee in war service\n (a) Whenever a trustee of an express trust is engaged in war service,\nas defined in this section, such trustee or any other person interested\nin the trust estate may present a petition to the supreme court or the\nsurroga…

§ 7-2.6 Resignation, suspension or removal of trustee\n (a) Subject to the relevant provisions of the civil practice law and\nrules, the supreme court has power:\n (1) On the application of a trustee, to accept his resignation and to\ndischarge him on such terms as it deems prope…

§ 7-2.7 Accounting by trustee in supreme court\n (a) Any proceeding for an accounting or other relief brought by a\ntrustee or by a substituted or successor trustee may be commenced by\nsuch notice to the beneficiaries of the trust as the supreme court may\ndirect.\n (b) In case …

§ 7-2.8 Commissions of trustee to sell real property for benefit of\n creditors\n A trustee of a trust to sell real property for the benefit of\ncreditors is entitled to the same commissions as an assignee for the\nbenefit of creditors.\n

§ 7-3.1 Disposition in trust for creator void as against creditors\n (a) A disposition in trust for the use of the creator is void as\nagainst the existing or subsequent creditors of the creator.\n (b) (1) For purposes of paragraph (a) of this section, all trusts,\ncustodial acco…

§ 7-3.2 Bona fide purchasers and creditors protected\n An express trust not declared in the disposition to the trustee or an\nimplied or resulting trust does not defeat the title of a purchaser from\nthe trustee for value and without notice of the trust, or the rights of\na credi…

§ 7-3.3 Person paying money to the trustee protected\n A person who in good faith transfers money or property to a trustee is\nnot responsible for the proper application of such money or property;\nand any right or title derived by him from the trustee in consideration\nof such t…

§ 7-3.4 Excess income from trust property subject to creditors' claims\n Where a trust is created to receive the income from property and no\nvalid direction for accumulation is given, the income in excess of the\nsum necessary for the education and support of the beneficiary is\…

§ 7-3.5 Rights of creditors to obtain information concerning\n beneficiaries\n (a) Any person who has furnished necessaries to a beneficiary of any\ntrust may apply to the court having jurisdiction of the trust for an\norder directing the trustee thereof to furnish to the applica…

§ 7-5.1 Definitions\n (a) A "beneficiary" is a person who is described by a depositor as a\nperson for whom a trust account is established or maintained.\n (b) A "depositor" is a person in whose name a trust account subject to\nthis part is established or maintained.\n (c) A "fin…

§ 7-5.2 Terms of a trust account\n The funds in a trust account, which shall include any dividends or\ninterest thereon, shall be trust funds subject to the following terms:\n (1) The trust can be revoked, terminated or modified by the depositor\nduring his lifetime only by means…

§ 7-5.3 Payment to beneficiary\n (a) If the beneficiary survives the depositor under the circumstances\nprovided in paragraph four of section 7-5.2, the funds shall be paid to\nthe beneficiary upon his order, if, at the time of his demand for\npayment of all or part of the funds,…

§ 7-5.4 Effect of payment\n A financial institution which, upon the death of a depositor and prior\nto service upon it of a restraining order, injunction or other\nappropriate process from a court of competent jurisdiction prohibiting\npayment, makes payment to a beneficiary or i…

§ 7-5.5 Rights not affected\n This part does not affect:\n (1) The rights of creditors of the depositor or his estate,\n (2) The rights of fiduciaries of the estate of the depositor, or\n (3) The rights of the surviving spouse of the depositor.\n

§ 7-5.6 Joint depositors\n If a trust account is established in the names of more than one\ndepositor, in form to be paid or delivered to any, or the survivor of\nthem, in trust for another, such account shall be subject to the terms\nof this part, except that the title to the fu…

§ 7-5.7 Multiple beneficiaries\n (a) Whenever any proceeds of a trust account would pass pursuant to\nsection 7-5.2 to two or more beneficiaries, such proceeds shall pass to\nsuch beneficiaries in equal proportions, unless the terms of the trust\nprovide otherwise.\n (b) Whenever…

§ 7-5.8 Application\n This part shall apply to all funds in trust accounts, as defined in\nparagraph (d) of section 7-5.1, which are in existence on its effective\ndate, except that its provisions shall not impair or defeat any rights\nwhich have accrued prior to such date.\n

§ 7-6.1 Definitions\n In this part:\n (a) "Adult" means an individual who has attained the age of twenty-one\nyears.\n (b) "Benefit plan" means an employer's plan for the benefit of an\nemployee or partner or an individual retirement account.\n (c) "Broker" means a person lawfull…

§ 7-6.10 Single custodianship\n A transfer may be made only for one minor, and only one person may be\nthe custodian. All custodial property held under this part by the same\ncustodian for the benefit of the same minor constitutes a single\ncustodianship.\n

§ 7-6.11 Validity and effect of transfer\n (a) The validity of a transfer made in a manner prescribed in this\npart is not affected by:\n (1) The failure of the transferor to comply with paragraph (c) of\n7-6.9 concerning possession and control;\n (2) designation of an ineligible…

§ 7-6.12 Care of custodial property\n (a) A custodian shall:\n (1) take control of custodial property;\n (2) register or record title to custodial property if appropriate; and\n (3) collect, hold, manage, invest, and reinvest custodial property.\n (b) In dealing with custodial p…

§ 7-6.13 Powers of custodian\n (a) A custodian, acting in a custodial capacity, has all the rights,\npowers, and authority over custodial property that unmarried adult\nowners have over their own property, but a custodian may exercise those\nrights, powers, and authority in that …

§ 7-6.14 Use of custodial property\n (a) A custodian may deliver or pay to the minor or expend for the\nminor's benefit so much of the custodial property as the custodian\nconsiders advisable for the use and benefit of the minor, without court\norder and without regard to (1) the…

§ 7-6.15 Custodian's expenses, compensation, and bond\n (a) A custodian is entitled to reimbursement from custodial property\nfor reasonable expenses incurred in the performance of the custodian's\nduties.\n (b) Except for one who is a transferor under 7-6.4, a custodian has an\n…

§ 7-6.16 Exemption of third person from liability\n A third person in good faith and without court order may act on the\ninstructions of or otherwise deal with any person purporting to make a\ntransfer or purporting to act in the capacity of a custodian and, in the\nabsence of kn…

§ 7-6.17 Liability to third persons\n (a) A claim based on (1) a contract entered into by a custodian acting\nin a custodial capacity, (2) an obligation arising from the ownership or\ncontrol of custodial property, or (3) a tort committed during the\ncustodianship, may be asserte…

§ 7-6.18 Renunciation, resignation, death, or removal of custodian;\ndesignation of successor custodian\n (a) A person nominated under 7-6.3 or designated under 7-6.9 as\ncustodian may decline to serve by delivering a valid disclaimer to the\nperson who made the nomination or to…

§ 7-6.19 Accounting by and determination of liability of custodian\n (a) A minor who has attained the age of fourteen years, the minor's\nguardian or legal representative, an adult member of the minor's family,\na transferor, or a transferor's legal representative may petition th…

§ 7-6.2 Scope and jurisdiction\n (a) This part applies to a transfer that refers to this part in the\ndesignation under paragraph (a) of 7-6.9 by which the transfer is made\nif at the time of the transfer, the transferor, the minor, or the\ncustodian is a resident of this state o…

§ 7-6.20 Termination of custodianship\n The custodian shall transfer in an appropriate manner the custodial\nproperty to the minor or to the minor's estate upon the earlier of:\n (a) the minor's attainment of twenty-one years of age with respect to\ncustodial property transferred…

§ 7-6.21 Age eighteen election\n Notwithstanding the foregoing sections of this part, if with respect\nto any gift made pursuant to 7-6.9, the designations of the custodian\ncontains, in substance, the phrase, "until age eighteen", then all\nrecords of the custodian with respect …

§ 7-6.22 Effect on existing custodianships\n (a) Any transfer of custodial property made before January first,\nnineteen hundred ninety-seven is validated notwithstanding that there\nwas no specific authority in part 4 of this article for the coverage of\ncustodial property of th…

§ 7-6.23 Applicability\n This part applies to a transfer within the scope of 7-6.2 made on or\nafter January first, nineteen hundred ninety-seven if:\n (a) the transfer purports to have been made under the New York Uniform\nGifts to Minor Act; or\n (b) the instrument by which the…

§ 7-6.24 Uniformity of application and construction\n This part shall be applied and construed to effectuate its general\npurpose to make uniform the law with respect to the subject of this part\namong states enacting it.\n

§ 7-6.25 Short title\n This part may be cited as "The New York Uniform Transfers to Minors\nAct."\n

§ 7-6.26 Severability\n If any provisions of this part or its application to any person or\ncircumstances is held invalid, the invalidity does not affect other\nprovisions or applications of this part which can be given effect\nwithout the invalid provision or application, and to…

§ 7-6.3 Nomination of custodian\n (a) A person having the right to designate the recipient of property\ntransferable upon the occurrence of a future event may revocably\nnominate a custodian to receive the property for a minor beneficiary\nupon the occurrence of the event by nami…

§ 7-6.4 Transfer by gift or exercise of power of appointment\n A person may make a transfer by irrevocable gift to, or the\nirrevocable exercise of a power of appointment in favor of, a custodian\nfor the benefit of a minor pursuant to 7-6.9.\n

§ 7-6.5 Transfer authorized by will or trust\n (a) A personal representative or trustee may make an irrevocable\ntransfer pursuant to 7-6.9 to a custodian for the benefit of a minor as\nauthorized in the governing will or trust.\n (b) If the testator or settler has nominated a cu…

§ 7-6.6 Other transfer by fiduciary\n (a) Subject to paragraph (c), a personal representative or trustee may\nmake an irrevocable transfer to another adult or trust company as\ncustodian for the benefit of a minor pursuant to 7-6.9, in the absence\nof a will or under a will or tr…

§ 7-6.7 Transfer by obligor\n (a) Subject to paragraphs (b) and (c), a person not subject to 7-6.5\nor 7-6.6 who holds property of or owes a liquidated debt to a minor not\nhaving a guardian may make an irrevocable transfer to a custodian for\nthe benefit of the minor pursuant to…

§ 7-6.8 Receipt for custodial property\n A written acknowledgement of delivery by a custodian constitutes a\nsufficient receipt and discharge for custodial property transferred to a\ncustodian pursuant to this part.\n

§ 7-6.9 Manner of creating custodial property and effecting transfer;\ndesignation of initial custodian; control\n (a) Custodial property is created and a transfer is made whenever:\n (1) an uncertificated security or certificated security in registered\nform is either:\n (i) reg…

§ 7-7.1 Child performer trust account\n 1. Scope. This section applies to contracts pursuant to which a child\nperformer:\n (a) is employed or agrees to render artistic or creative services for\na fee, either directly or through a third-party individual or personal\nservices corp…

§ 7-8.1 Trusts for pets\n (a) A trust for the care of a designated domestic or pet animal is\nvalid. The intended use of the principal or income may be enforced by an\nindividual designated for that purpose in the trust instrument or, if\nnone, by an individual appointed by a co…