7-6.11 - Validity and effect of transfer - New York Statutes

§ 7-6.11 Validity and effect of transfer (a) The validity of a transfer made in a manner prescribed in this part is not affected by: (1) The failure of the transferor to comply with paragraph (c) of 7-6.9 concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under paragraph (a) of 7-6.9; or (3) death or incapacity of a person nominated under 7-6.3 or designated under 7-6.9 as custodian or the disclaimer of the office by that person. (b) A transfer made pursuant to 7-6.9 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this part, and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this part. (c) By making a transfer, the transferor incorporates in the disposition all the provisions of this part and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this part.