New York Laws
Part 6 - Uniform Transfers to Minors Act
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.

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