N.Y. Estates, Powers & Trusts Law § 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.