N.Y. Estates, Powers & Trusts Law § 7-6.18: Renunciation, resignation, death, or removal of custodian;

§ 7-6.18 Renunciation, resignation, death, or removal of custodian;

designation of successor custodian

(a) A person nominated under 7-6.3 or designated under 7-6.9 as

custodian may decline to serve by delivering a valid disclaimer to the

person who made the nomination or to the transferor or the transferor's

legal representative. If the event giving rise to a transfer has not

occurred and no substitute custodian able, willing, and eligible to

serve was nominated under 7-6.3, the person who made the nomination may

nominate a substitute custodian under 7-6.3; otherwise the transferor or

the transferor's legal representative shall designate a substitute

custodian at the time of the transfer, in either case from among the

persons eligible to serve as custodian for that kind of property under

paragraph (a) of 7-6.9. The custodian so designated has the rights of a

successor custodian.

(b) A custodian at any time may designate a trust company or an adult

other than a transferor under 7-6.4 as successor custodian by executing

and dating an instrument of designation before a subscribing witness

other than the successor. If the instrument of designation does not

contain or is not accompanied by the resignation of the custodian, the

designation of the successor does not take effect until the custodian

resigns, dies, become incapacitated, or is removed. The transferor may

designate one or more persons as successor custodian to serve in the

designated order of priority, in case the custodian originally

designated or a prior successor custodian is unable, declines, or is

ineligible to serve or resigns, dies, becomes incapacitated, or is

removed.

The designation either (1) shall be made in the same transaction and

by the same document by which the transfer is made, or (2) shall be made

by executing and dating a separate instrument of designation before a

subscribing witness other than a successor as a part of the same

transaction and contemporaneously with the execution of the document by

which the transfer is made. The designation is made by setting forth the

successor custodian's name, followed in substance by the words: "is

designated successor custodian." A successor custodian designated by the

transferor may be a trust company or an adult other than the transferor.

A successor custodian effectively designated by the transferor has

priority over a successor custodian designated by a custodian.

(c) A custodian may resign at any time by delivering written notice to

the minor if the minor has attained the age of fourteen years and to the

successor custodian and by delivering the custodial property to the

successor custodian.

(d) If the transferor has not effectively designated one or more

successor custodians and a custodian is ineligible, dies, or becomes

incapacitated without having effectively designated a successor and the

minor has attained the age of fourteen years, the minor may designate as

successor custodian, in the manner prescribed in paragraph (b), an adult

member of the minor's family, a guardian of the minor, or a trust

company. If the minor has not attained the age of fourteen years or

fails to act within sixty days after the ineligibility, death, or

incapacity, the guardian of the minor becomes successor custodian. If

the minor has no guardian or the guardian declines to act, the

transferor, the legal representative of the transferor or of the

custodian, an adult member of the minor's family, or any other

interested person may petition the court to designate a successor

custodian.

(e) A custodian who declines to serve under paragraph (a) or resigns

under paragraph (c), or the legal representative of a deceased or

incapacitated custodian, as soon as practicable, shall put the custodial

property and records in the possession and control of the successor

custodian. The successor custodian by action may enforce the obligation

to deliver custodial property and records and becomes responsible for

each item as received.

(f) A transferor, the legal representative of a transferor, an adult

member of the minor's family, a guardian of the minor, or the minor if

the minor has attained the age of fourteen years may petition the court

to remove the custodian for cause and to designate a successor custodian

other than a transferor under 7-6.4 or to require the custodian to give

appropriate bond.