N.Y. Estates, Powers & Trusts Law § 7-6.3: Nomination of custodian

§ 7-6.3 Nomination of custodian

(a) A person having the right to designate the recipient of property

transferable upon the occurrence of a future event may revocably

nominate a custodian to receive the property for a minor beneficiary

upon the occurrence of the event by naming the custodian followed in

substance by the words "as custodian for _________________ (name of

minor) under the New York Uniform Transfers to Minors Act." The

nomination may name one or more persons as substitute custodians to whom

the property must be transferred, in the order named, if the first

nominated custodian dies before the transfer or is unable, declines, or

is ineligible to serve. The nomination may be made in a will, a trust, a

deed, an instrument exercising a power of appointment, or in a writing

designating a beneficiary of contractual rights which is registered with

or delivered to the payor, issuer, or other obligor of the contractual

rights.

(b) A custodian nominated under this section must be a person to whom

a transfer of property of that kind may be made under paragraph (a) of

7-6.9.

(c) The nomination of a custodian under this section does not create

custodial property until the nominating instrument becomes irrevocable

or a transfer to the nominated custodian is completed under 7-6.9.

Unless the nomination of a custodian has been revoked, upon the

occurrence of the future event the custodianship becomes effective and

the custodian shall enforce a transfer of the custodial property

pursuant to 7-6.9.