On Friday (8/25), SB advisor called me to "share" their legal departments ruling on my daughter's UGMA, which is that effective Jan 1997, UTMA supersedes UGMA. Under UTMA the age of termination is 21. HOWEVER, from my reading of New York Estates Powers & Trusts Law (Article 7, Part 6 Uniform Transfers to Minors Act) there is a provision for existing custodianships (i.e., UGMA) which states the age of termination in effect prior to Jan 1, 1997 shall remain in effect with respect to such accounts.
So, you see, SB' legal department is clearly mistaken.
My daughter, who is now in Hawaii, as the owner of an UGMA, will send a certified letter to the NY SB advisor requiring both the owner's and custodian's signature for any transactions of her account, until the account is completely turned over to her.
I have an appointment to see another financial advisor (an independent agent) - and will ask his opinion in regard to custodianship and the transfer to a former minor.
My daughter will go to SB in Honolulu, armed with the appropriate information (NY EPTL, Birth certificate, DL, Section 6.08 of the Securities Transfers Association Guidelines)... we'll see where that takes her. I think she should also be able to obtain documents that were originated upon opening the UGMA. Surely, SB's UGMA forms clearly state the custodian's rights and obligations to the minor.
The age of termination may not matter at all, by the time we get this thing settled... in November my daughter will be 21 anyhow.
If her father still refuses to relinquish control of her UGMA, then her only alternative will be to take her father to court.
I think SB should have an established protocol for the transfer of UGMA accounts.. which apparently it does not.
Incredibly frustrating..... (ha! and my ex stated that I was vindictive with money!! Now that's projection, if I ever saw it.)