Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 23, 2013 |
signed chap.432 |
Oct 11, 2013 |
delivered to governor |
May 01, 2013 |
returned to assembly passed senate 3rd reading cal.300 substituted for s3789 |
May 01, 2013 |
substituted by a4061 |
Apr 22, 2013 |
advanced to third reading |
Apr 17, 2013 |
2nd report cal. |
Apr 16, 2013 |
1st report cal.300 |
Feb 15, 2013 |
referred to judiciary |
Senate Bill S3789
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A4061 - 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
2013-S3789 (ACTIVE) - Details
2013-S3789 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3789 TITLE OF BILL: An act to amend chapter 451 of the laws of 2011, amending the estates, powers and trusts law relating to the exercise of a power of appointment and an authorized trustee's authority to invade trust principal, in relation to the effectiveness thereof 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 one technical correction to the effective date of 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. The effective date provisions of L.2011, c. 451 are as fellows: "This act shall take effect immediately and shall apply to trusts whether created prior to or after such effective date. "(emphasis added.)
2013-S3789 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3789 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 chapter 451 of the laws of 2011, amending the estates, powers and trusts law relating to the exercise of a power of appoint- ment and an authorized trustee's authority to invade trust principal, in relation to the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3 of chapter 451 of the laws of 2011 amending the estates, powers and trusts law relating to the exercise of a power of appointment and an authorized trustee's authority to invade trust prin- cipal is amended to read as follows: S 3. This act shall take effect immediately and shall apply to trusts whether created prior to, ON, or after such effective date. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03052-01-3
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