NY State Senate Bill 2015-S5160

Senate Bill S5160

Signed By Governor

2015-2016 Legislative Session

Establishes the time periods for the payment of legacies to genetic children of the decedent without the accrual of interest

download bill text pdf

Archive: Last Bill Status Via A6024 - 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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Nov 20, 2015	signed chap.438
Nov 10, 2015	delivered to governor
Jun 15, 2015	returned to assembly passed senate substituted for s5160
Jun 15, 2015	substituted by a6024a
May 18, 2015	advanced to third reading
May 13, 2015	2nd report cal.
May 12, 2015	1st report cal.588
May 05, 2015	referred to judiciary

Votes

- Jun 15, 2015 - Floor Vote
  A6024
  
  62
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 15, 2015
      
      aye (62)
      
      Addabbo Jr.
      
      Amedore
      
      Avella
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      Comrie
      
      Croci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Espaillat
      
      Farley
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Montgomery
      
      Murphy
      
      Nozzolio
      
      O'Mara
      
      Ortt
      
      Panepinto
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sampson
      
      Sanders Jr.
      
      Savino
      
      Serino
      
      Serrano
      
      Seward
      
      Skelos
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Valesky
      
      Venditto
      
      Young
      
      excused (1)
      
      Libous
  May 12, 2015 - Judiciary Committee Vote
  S5160
  
  23
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Judiciary Committee Vote: May 12, 2015
      
      aye (23)
      
      Amedore
      
      Avella
      
      Bonacic
      
      Breslin
      
      Comrie
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Espaillat
      
      Flanagan
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      LaValle
      
      Lanza
      
      Nozzolio
      
      O'Mara
      
      Perkins
      
      Ranzenhofer
      
      Savino
      
      Serino
      
      Stavisky
      
      Venditto

2015-S5160 (ACTIVE) - Details

See Assembly Version of this Bill:: A6024
Law Section:: Estates, Powers and Trusts Law
Laws Affected:: Amd §11-A-2.1, EPT L

2015-S5160 (ACTIVE) - Summary

Establishes the time periods for the payment of legacies to genetic children of the decedent without the accrual of interest.

2015-S5160 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S5160

TITLE OF BILL:

An act to amend the estates, powers and trusts law, in relation to
payment of interest on delayed legacies to genetic children of the
decedent

PURPOSE OF BILL:

This bill establishes the commencement date for payment of a legacy
with interest to a genetic posthumous child of a decedent entitled to
inherit under Section 4-1.3 of the Estates Powers and Trusts Law.

SUMMARY OF PROVISIONS OF BILL:

This legislation amends paragraph 3 of Section 11-A-2.1 of the Estates
Powers and Trusts Law (EPTL), as amended by Chapter 404 of the laws of
2014 as follows:

If letters are not required interest upon a pecuniary gift left to a
genetic posthumous child who is entitled to inherit will commence upon
the later of seven months from the date of death (or date upon which
the beneficiary has a right to receive such payment) or the genetic
child's date of birth.

If letters are required, whether they are final, preliminary or
temporary, the right to interest on a pecuniary gift left to a genetic
posthumous child who is entitled to inherit will commence upon the
later of seven months after the issuance of letters or the genetic
child's date of birth.

JUSTIFICATION:

When Chapter 404 of the Laws of 2014 (A.1185/5.4952) was drafted,
there were no provisions in law to allow a genetic posthumous child to
inherit. Just prior to Chapter 404 becoming law, Chapter 439 of the
Laws of 2014 (A.7461-A/S.04779-B) was signed by the Governor,
establishing a way for posthumous genetic children to inherit pursuant
to the requirements of Section 4-1.3 of the EPTL. Therefore, it is
necessary to harmonize the provisions of Chapter 404 with those of
Chapter 439.

LEGISLATIVE HISTORY:

New bill, 2015.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

EFFECTIVE DATE:

This act shall take effect immediately and shall be deemed to have
been in full force and effect on and after December 20, 2014 and shall
apply to estates of the decedents who shall have died on or after such
date.

2015-S5160 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5160

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 5, 2015
                               ___________

Introduced  by  Sen. BONACIC -- 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
  payment  of  interest  on  delayed legacies to genetic children of the
  decedent

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Paragraph 3 of section 11-A-2.1 of the estates, powers and
trusts law, as amended by chapter 404 of the laws of 2014, is amended to
read as follows:
  (3) Unless otherwise provided by the  terms  of  the  will  or  trust,
commencing  (A) seven months from either the date of death or other date
a beneficiary is to receive a pecuniary amount outright if  letters  are
not  required, UNLESS THE BENEFICIARY IS A GENETIC CHILD, THEN SUCH DATE
SHALL BE THE LATER OF THE AFOREMENTIONED TIME PERIODS IN  THIS  SUBPARA-
GRAPH OR THE DATE OF BIRTH OF THE GENETIC CHILD ENTITLED TO INHERIT FROM
THE  CHILD'S  GENETIC PARENT UNDER SECTION 4-1.3 OF THIS CHAPTER, or (B)
seven months from the time letters, including preliminary  or  temporary
letters,  are granted if letters are required, UNLESS THE BENEFICIARY IS
A GENETIC CHILD, THEN SUCH DATE SHALL BE THE LATER OF THE AFOREMENTIONED
TIME PERIOD IN THIS SUBPARAGRAPH OR THE DATE OF  BIRTH  OF  THE  GENETIC
CHILD  ENTITLED TO INHERIT FROM THE CHILD'S GENETIC PARENT UNDER SECTION
4-1.3 OF THIS CHAPTER,  a fiduciary shall distribute income to a benefi-
ciary who receives a pecuniary amount outright, from net  income  deter-
mined  under  paragraph  (2)  or  from  principal to the extent that net
income is insufficient, of an  amount  equal  to  the  pecuniary  amount
multiplied  by  an  income  factor, which shall be set (or reset) on the
first business day of each calendar year and  fixed  for  that  calendar
year  at  the  target  Federal  funds  rate  as announced by the Federal
Reserve Board (or in the event the target Federal funds rate is a  range

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07962-04-5

S. 5160                             2

of rates, the high of that range) less one percent, but in no event less
than one-half of one percent.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after December 20,  2014,  and
the  provisions  of this act shall apply to estates of the decedents who
shall have died on or after such date.

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