N.Y. Est. Powers & Trusts Law § 7-6.7

§ 7-6.7 Transfer by obligor\n (a) Subject to paragraphs (b) and (c), a person not subject to 7-6.5\nor 7-6.6 who holds property of or owes a liquidated debt to a minor not\nhaving a guardian may make an irrevocable transfer to a custodian for\nthe benefit of the minor pursuant to 7-6.9.\n (b) If a person having the right to do so under 7-6.3 has nominated a\ncustodian under that section to receive the custodial property, the\ntransfer must be made to that person.\n (c) If no custodian has been nominated under 7-6.3, or all persons so\nnominated as custodian die before the transfer or are unable, decline,\nor are ineligible to serve, a transfer under this section may be made to\nan adult member of the minor's family, unless the property exceeds fifty\nthousand dollars in value, or to a trust company.\n