If the contract is so approved the infant may not, either during his minority or upon reaching his majority, disaffirm the contract on the ground of infancy or assert that the parent or guardian lacked authority to make the contract. A contract modified, amended or assigned after its approval under this section shall be deemed a new contract.
If no guardian of the property of the infant has been appointed or qualified in this state, the petition shall also pray for the appointment of a limited guardian as provided in subdivision seven of this section. The petition may nominate a person to be appointed as such limited guardian, setting forth reasons why the person nominated would be a proper and suitable person to be appointed as limited guardian and setting forth the interest of the person so nominated in the contract or proposed contract or in the infant's performance under it.
If the contract is approved and if the court shall direct that a portion of the net earnings be set aside as provided in subdivision three of this section, the limited guardian shall qualify in the manner provided with respect to a general guardian of the property of the infant appointed by the court in which the proceeding is had, and with respect to net earnings ordered to be set aside shall be subject to all provisions applicable to a general guardian so appointed.
If a guardian of the property of the infant is appointed or qualifies after the appointment of a limited guardian, the limited guardian may continue to act with respect to earnings under the contract approved by the court until the termination of the contract; upon such termination he shall transfer to the guardian of the infant's property the funds of the infant in his hands.
N.Y. Arts and Cult. Aff. Law § 35.03