N.Y. Estates, Powers & Trusts Law § 7-6.22: Effect on existing custodianships

§ 7-6.22 Effect on existing custodianships

(a) Any transfer of custodial property made before January first,

nineteen hundred ninety-seven is validated notwithstanding that there

was no specific authority in part 4 of this article for the coverage of

custodial property of that kind or for a transfer from that source at

the time the transfer was made.

(b) All accounts established under part 4 of this article and in

existence on January first, nineteen hundred ninety-seven shall be

governed by the provisions of this part except insofar as such

application impairs constitutionally vested rights. Notwithstanding the

provisions of this paragraph, the age of termination in effect prior to

January first, nineteen hundred ninety-seven shall remain in effect with

respect to such accounts, including any additions made after December

thirty-first, nineteen hundred ninety-six.

(c) To the extent that this part, by virtue of paragraph (b) of this

section, does not apply to transfers made in a manner prescribed in part

4 of this article or to the powers, duties, and immunities conferred by

transfers in that manner upon custodians and persons dealing with

custodians, the repeal of part 4 of this article shall not affect those

transfers or those powers, duties, and immunities.