I hope you are enjoying your summer.
In this issue, we visit the Uniform Transfers to Minors Act.
I hope that you find this issue's subject matter informative. As always, please feel free to contact me with request for furture topics.
- Anthony Chiellino, President
New York's Uniform Transfers to Minors ACT-EPTL Section 7-6.1-7-6.26
In this issue, we will look at one specific way in which real property can be acquired and disposed for or on behalf of an infant/minor. Specifically, we will take a look at New York's Uniform Transfers to Minors Act.
Any citizen of the United States or alien has the capacity to acquire, hold and dispose of real property in New York unless an infant/minor, mentally retarded or of unsound mind. Presently the age of majority in New York State is eighteen (18). Prior to September 1, 1974, the age of majority in New York was twenty-one (21). An infant/minor can purchase property. However, a purchase or sale of real property by an infant/minor is not void, but voidable at the option of the infant/minor upon attaining the age of majority (18). An exception applies to married infants/minors who purchase and/or mortgage a home to be used as a residence-they can also convey/dispose of such a residence. Infants/minors, unless coming within the exception for married minors as discussed above, cannot themselves dispose of their real property. That can be accomplished in the name of the infant/minor by a guardian or other authorized person acting pursuant to a court order. The guardian must seek court approval to sell real property on behalf of the minor. In some circumstance, the parties may not want to choose the time-consuming procedure of going to Surrogate's Court, Supreme Court or County Court in getting a guardian appointed to represent the interests of an infant/minor, and then, having to obtain further court authorization as to handling the real property on behalf of /for an infant/minor. This is where New York's Uniform Transfers to Minors Act may provide a possible alternative. Again, it may not be a suitable alternative to a transaction, but at least you know that it is out there.
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