EPTL § 7-6.22

Effect on existing custodianships · as in force on May 31, 2026

§ 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.

Official sourcehttps://www.nysenate.gov/legislation/laws/EPT/7-6.22

In plain English

(a) Pre-January 1, 1997 custodial transfers are validated despite prior gaps in statutory authorization.
(b) Existing accounts became governed by this part on January 1, 1997 unless vested rights would be impaired, but their earlier termination age continues, including for additions after December 31, 1996. ★
(c) Where the new part cannot apply, repeal of the old part does not disturb the old transfers, powers, duties, or immunities.

Marked in the text: penalties, time limits, sums of money. Editorial emphasis added by this edition; it does not appear in the statute as enacted.

In print

This provision appears in Volume 1 — The Surrogate's Court in Plain English; Volume 3 — The Surrogate's Court: Court Rules & the EPTL; Volume 5 — Your Career: Surrogate's Court in Plain English.