Senate Bill S748

2023-2024 Legislative Session

Prohibits the acceptance of a waiver of probate form by transfer agents

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Judiciary Committee


  • 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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2023-S748 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Surrogate's Court Procedure Act
Laws Affected:
Add §1409-a, SCPA
Versions Introduced in Other Legislative Sessions:
2019-2020: S6261
2021-2022: S2213

2023-S748 (ACTIVE) - Summary

Prohibits transfer agents from accepting waiver of probate forms to bypass formal estate procedures through the courts.

2023-S748 (ACTIVE) - Sponsor Memo

2023-S748 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    748
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 6, 2023
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN  ACT  to  amend  the  surrogate's court procedure act, in relation to
   prohibiting the use of a waiver of probate form
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The surrogate's court procedure act is amended by adding a
 new section 1409-a to read as follows:
 § 1409-A. WAIVER OF PROBATE FORM PROHIBITED
   1. FOR PURPOSES OF THIS SECTION, THE FOLLOWING TERMS  SHALL  HAVE  THE
 FOLLOWING  MEANINGS: (A) "WAIVER OF PROBATE" SHALL MEAN A SWORN DOCUMENT
 EXECUTED BY ANY DECEASED PERSON'S HEIRS AND/OR BENEFICIARIES OF  A  LAST
 WILL AND TESTAMENT AND PRESENTED TO A TRANSFER AGENT TO BRING A CLAIM OF
 ENTITLEMENT  IN AN ACCOUNT OR ACCOUNTS OF SUCH DECEASED PERSON BYPASSING
 FORMAL ESTATE PROCEEDINGS AS REQUIRED BY LAW.
   (B) "TRANSFER AGENT" SHALL MEAN A TRUST COMPANY, BANK,  CREDIT  UNION,
 OR  BROKERAGE  FIRM  WHO  MAINTAINS  RECORDS  OF  INVESTORS AND WORKS TO
 EXECUTE THE TRANSFER OF  HOLDINGS  WITHIN  AN  ACCOUNT,  EITHER  AT  THE
 REQUEST  OF  SUCH  INVESTORS  OR  AT  THE  DIRECTION OF A COURT ORDER OR
 PROCEEDING.
   (C) "ACCOUNT" SHALL HAVE THE SAME MEANING AS SET FORTH IN  SUBDIVISION
 ONE OF SECTION TWO OF THE STATE FINANCE LAW.
   2.  THE  USE  OF A WAIVER OF PROBATE SHALL BE DEEMED PROHIBITED IN THE
 STATE. NO TRANSFER AGENT SHALL ACCEPT AN EXECUTED WAIVER OF PROBATE FROM
 A DECEASED PERSON'S HEIRS OR BENEFICIARIES  OF  SUCH  DECEASED  PERSON'S
 LAST  WILL  AND  TESTAMENT AS PROOF OF ENTITLEMENT TO A CERTAIN ASSET OR
 ASSETS IN ORDER TO FACILITATE THE  TRANSFER  OF  SUCH  ASSET  OR  ASSETS
 BYPASSING FORMAL ESTATE PROCEEDINGS AS REQUIRED BY LAW.
   3.  NO  TRANSFER  AGENT SHALL ACCEPT A WAIVER OF PROBATE, EVEN IF SUCH
 WAIVER OF PROBATE IS AFFIXED WITH A VALID MEDALLION SIGNATURE  GUARANTEE
 FROM  ANY FINANCIAL INSTITUTION AUTHORIZED TO PROVIDE SUCH GUARANTEE. NO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02749-01-3
              

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