N.Y. Estates, Powers & Trusts Law § 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.