Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 13, 2013 |
signed chap.482 |
Nov 01, 2013 |
delivered to governor |
Jun 11, 2013 |
returned to assembly passed senate 3rd reading cal.1016 substituted for s3790a |
Jun 11, 2013 |
substituted by a7061 |
Jun 10, 2013 |
advanced to third reading |
Jun 05, 2013 |
2nd report cal. |
Jun 04, 2013 |
1st report cal.1016 |
Apr 29, 2013 |
print number 3790a |
Apr 29, 2013 |
amend and recommit to judiciary |
Feb 15, 2013 |
referred to judiciary |
Senate Bill S3790A
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A7061 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2013-S3790 - Details
- See Assembly Version of this Bill:
- A7061
- Law Section:
- Estates, Powers and Trusts Law
- Laws Affected:
- Amd §§10-6.6, 10-6.7 & 10-10.7, EPT L
2013-S3790 - Sponsor Memo
BILL NUMBER:S3790 TITLE OF BILL: An act to amend the estates, powers and trusts law, in relation to the exercise of a power of appointment and an authorized trustee's authority to invade a trust This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of her Surrogate's Court Advisory Committee. This measure would make technical corrections and clarifying amendments to chapter 451 of the Laws of 2011, which substantially altered New York's so-called "decanting statute" - EPTL 10-6.6, enacted in 1992. Section 10-6.6(b) codifies decisional law that permitted a trustee who has authority to invade the trust principal to exercise that power by creating new trusts. This effectively allows the rewriting of an irrevocable trust by permitting trust assets to be "appointed" or "decanted" to another trust. Chapter 451 enacted provisions to make the statute more flexible and more explicit with respect to the procedure required to effect a decanting. (1) Exclusion of Successor or Remainder Beneficiaries L. 2011, c. 451 enacted a new paragraph (b) to EPTL 10-6.6, to provide as follows: "(b) An authorized trustee with unlimited discretion to invade trust
2013-S3790 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3790 2013-2014 Regular Sessions I N S E N A T E February 15, 2013 ___________ Introduced by Sen. BONACIC -- (at request of the Office of Court Admin- istration) -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the estates, powers and trusts law, in relation to the exercise of a power of appointment and an authorized trustee's author- ity to invade a trust THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of paragraph (b) of section 10-6.6 of the estates, powers and trusts law, as added by chapter 451 of the laws of 2011, is amended to read as follows: An authorized trustee with unlimited discretion to invade trust prin- cipal may appoint part or all of such principal to a trustee of an appointed trust for, and only for the benefit of, one, more than one or all of the current beneficiaries of the invaded trust (to the exclusion of any one or more of such current beneficiaries). The successor and remainder beneficiaries of such appointed trust [shall] MAY be one, more than one or all of the successor and remainder beneficiaries of such invaded trust (to the exclusion of any one [or], more THAN ONE OR ALL of such successor and remainder beneficiaries). S 2. Paragraph (d) of section 10-6.6 of the estates, powers and trusts law, as added by chapter 451 of the laws of 2011, is amended to read as follows: (d) An exercise of the power to invade trust principal under para- graphs (b) and (c) of this section shall be considered the exercise of a special power of appointment as defined in section 10-3.2 of this arti- cle PROVIDED, HOWEVER, THAT SUCH EXERCISE SHALL BE GOVERNED BY THE PROVISIONS OF SECTION 10-10.7 OF THIS ARTICLE. S 3. Subparagraphs 1 and 4 of paragraph (s) of section 10-6.6 of the estates, powers and trusts law, as added by chapter 451 of the laws of 2011, are amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08085-01-3
2013-S3790A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7061
- Law Section:
- Estates, Powers and Trusts Law
- Laws Affected:
- Amd §§10-6.6, 10-6.7 & 10-10.7, EPT L
2013-S3790A (ACTIVE) - Sponsor Memo
BILL NUMBER:S3790A TITLE OF BILL: An act to amend the estates, powers and trusts law, in relation to the exercise of a power of appointment and an authorized trustee's authority to invade a trust This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of her Surro- gate's Court Advisory Committee. This measure would make technical corrections and clarifying amendments to chapter 451 of the Laws of 2011, which substantially altered New York's so-called "decanting stat- ute" - EPTL 10-6.6, enacted in 1992. Section 10-6.6(b) codifies deci- sional law that permitted a trustee who has authority to invade the trust principal to exercise that power by creating new trusts. This effectively allows the rewriting of an irrevocable trust by permitting trust assets to be "appointed" or "decanted" to another trust. Chapter 451 enacted provisions to make the statute more flexible and more explicit with respect to the procedure required to effect a decanting. (1)Exclusion of Successor or Remainder Beneficiaries L. 2011. c. 451 added a new paragraph (b) to EPTL 10-6.6, to provide as follows: "(b) An authorized trustee with unlimited discretion to invade trust principal may appoint part or all of such principal to a trustee of an
2013-S3790A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3790--A 2013-2014 Regular Sessions I N S E N A T E February 15, 2013 ___________ Introduced by Sen. BONACIC -- (at request of the Office of Court Admin- istration) -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the estates, powers and trusts law, in relation to the exercise of a power of appointment and an authorized trustee's author- ity to invade a trust THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of paragraph (b) of section 10-6.6 of the estates, powers and trusts law, as added by chapter 451 of the laws of 2011, is amended to read as follows: An authorized trustee with unlimited discretion to invade trust prin- cipal may appoint part or all of such principal to a trustee of an appointed trust for, and only for the benefit of, one, more than one or all of the current beneficiaries of the invaded trust (to the exclusion of any one or more of such current beneficiaries). The successor and remainder beneficiaries of such appointed trust [shall] MAY be one, more than one or all of the successor and remainder beneficiaries of such invaded trust (to the exclusion of any one [or], more THAN ONE OR ALL of such successor and remainder beneficiaries). S 2. Subparagraphs 5 and 6 of paragraph (j) of section 10-6.6 of the estates, powers and trusts law, as added by chapter 451 of the laws of 2011, are amended to read as follows: (5) The receipt of a copy of the instrument exercising the power shall not affect the right of any person interested in the invaded trust to compel the authorized trustee who exercised the power [of appointment pursuant to] UNDER paragraph (b) or (c) of this section to account for such exercise and shall not foreclose any such interested person from objecting to an account or compelling a trustee to account. WHETHER THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08085-02-3
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