Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 20, 2015 |
signed chap.441 |
Nov 10, 2015 |
delivered to governor |
Jun 15, 2015 |
returned to assembly passed senate substituted for s5191 |
Jun 15, 2015 |
substituted by a6263 |
May 18, 2015 |
advanced to third reading |
May 13, 2015 |
2nd report cal. |
May 12, 2015 |
1st report cal.592 |
May 06, 2015 |
referred to judiciary |
Senate Bill S5191
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A6263 - Signed by Governor
- Introduced
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- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2015-S5191 (ACTIVE) - Details
2015-S5191 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5191 TITLE OF BILL: An act to amend the estates, powers and trusts law, in relation to a trustee's authority to recant the invasion of a trust and the creation of a new 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. EPTL 10-6.6, the decanting statute, does not now provide for a trustee's authority to recant the invasion of a trust and creation of a new trust within the thirty day period before the decanting takes effect. The issues are: whether a trustee may reverse course after the notice of the decanting has been served; what form this recanting should take; and whether notice of the recanting must be served upon the persons interested in the invaded trust and new trust. EPTL 10-6.6 permits a trustee to decant to a new trust and requires that notice of the decanting be served upon all persons interested in the invaded trust and new trust, inter alia (EPTL 10-6.6 (j)). Pursuant to paragraph (j) of this section, the exercise of the power must be in writing and, absent consent from the persons interested, is effective thirty days after the date of service of the instrument as provided under subparagraph (2) of paragraph (j). Subparagraph (2) sets forth the content of the notice which must be served upon those
2015-S5191 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5191 2015-2016 Regular Sessions I N S E N A T E May 6, 2015 ___________ 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 a trustee's authority to recant the invasion of a trust and the creation of a new trust THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph and subparagraph 6 of paragraph (j) of section 10-6.6 of the estates, powers and trusts law, the opening paragraph as added by chapter 451 of the laws of 2011 and subparagraph 6 as amended by chapter 482 of the laws of 2013, are amended and a new subparagraph 7 is added to read as follows: The exercise of the power to appoint to an appointed trust under para- graph (b) or (c) of this section shall be evidenced by an instrument in writing, signed, dated and acknowledged by the authorized trustee. The exercise of the power shall be effective thirty days after the date of service of the instrument as specified in subparagraph (2) of this para- graph, unless the persons entitled to notice consent in writing to a sooner effective date. THE EXERCISE OF THE POWER IS IRREVOCABLE ON SUCH EFFECTIVE DATE, EITHER THIRTY DAYS FOLLOWING SERVICE OF THE NOTICE OR THE EFFECTIVE DATE AS SET FORTH IN THE WRITTEN CONSENT. (6) A copy of the instrument exercising the power shall be kept with the records of the invaded trust and, WITHIN TWENTY DAYS OF THE EFFEC- TIVE DATE, the original shall be filed in the court having jurisdiction over the invaded trust. Where a trustee of an inter vivos trust exer- cises the power and the trust has not been the subject of a proceeding in the surrogate's court, no filing is required. The instrument shall state that in certain circumstances the appointment will begin the running of the statute of limitations that will preclude persons inter- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09957-01-5
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