{"jurisdiction": "us-ny", "code": "eptl", "section": "7-6.7", "citation": "EPTL § 7-6.7", "heading": "Transfer by obligor", "text": ["§ 7-6.7 Transfer by obligor", "(a) Subject to paragraphs (b) and (c), a person not subject to 7-6.5 or 7-6.6 who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to 7-6.9.", "(b) If a person having the right to do so under 7-6.3 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.", "(c) If no custodian has been nominated under 7-6.3, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family, unless the property exceeds fifty thousand dollars in value, or to a trust company."], "official_source": "https://www.nysenate.gov/legislation/laws/EPT/7-6.7", "from_official_api": true, "plain_english": "A person outside **§§ 7-6.5 and 7-6.6** who holds a minor’s property or owes the minor a liquidated debt, and the minor has no guardian, may make an irrevocable custodial transfer. A nominated custodian must receive it; otherwise it may go to an adult family member if worth **$50,000 or less**, or to a trust company. ★", "in_force_on": "2026-05-31", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/eptl/7-6.7", "publisher": "Elyphived LLC"}