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Assembly Bill A5985

Signed By Governor

2009-2010 Legislative Session

Eliminates the 21-year limit for the duration of pet trusts

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Archive: Last Bill Status - Signed by Governor

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Bill Amendments

2009-A5985 - Details

2009-A5985 - Summary

Eliminates the 21-year limit for the duration of pet trusts; provides that such trusts shall terminate when the living animal beneficiary or beneficiaries of such trust are no longer alive.

2009-A5985 - Bill Text download pdf 

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

                                  5985

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 23, 2009
                               ___________

Introduced  by  M. of A. GLICK, GOTTFRIED -- Multi-Sponsored by -- M. of
  A. SWEENEY -- read once and referred to the Committee on Judiciary

AN ACT to amend the estates, powers and trusts law, in relation to elim-
  inating the 21-year limit for the duration of pet trusts

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

  Section 1. The section heading and subdivisions (a) and (b) of section
7-8.1  of the estates, powers and trusts law, as added by chapter 159 of
the laws of 1996, such section as renumbered by chapter 630 of the  laws
of 2003, is amended to read as follows:
  [Honorary trusts] TRUSTS for pets
  (a)  A  trust  for  the care of a designated domestic or pet animal is
valid. The intended use of the principal or income may be enforced by an
individual designated for that purpose in the trust  instrument  or,  if
none, by an individual appointed by a court upon application to it by an
individual,  or  by a trustee. Such trust shall terminate when no living
animal is covered by the trust[, or at  the  end  of  twenty-one  years,
whichever occurs earlier].
  (b) Except as expressly provided otherwise in the trust instrument, no
portion  of  the  principal or income may be converted to the use of the
trustee or to any use other than for the  benefit  of  [a]  ALL  covered
[animal] ANIMALS.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01639-01-9

2009-A5985A (ACTIVE) - Details

2009-A5985A (ACTIVE) - Summary

Eliminates the 21-year limit for the duration of pet trusts; provides that such trusts shall terminate when the living animal beneficiary or beneficiaries of such trust are no longer alive.

2009-A5985A (ACTIVE) - Bill Text download pdf 

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

                                 5985--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 23, 2009
                               ___________

Introduced  by  M. of A. GLICK, GOTTFRIED -- Multi-Sponsored by -- M. of
  A. SWEENEY -- read once and referred to the Committee on Judiciary  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the estates, powers and trusts law, in relation to elim-
  inating the 21-year limit for the duration of pet trusts

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

  Section 1. The section heading and subdivisions (a) and (b) of section
7-8.1  of the estates, powers and trusts law, as added by chapter 159 of
the laws of 1996, such section as renumbered by chapter 630 of the  laws
of 2003, are amended to read as follows:
  [Honorary trusts] TRUSTS for pets
  (a)  A  trust  for  the care of a designated domestic or pet animal is
valid. The intended use of the principal or income may be enforced by an
individual designated for that purpose in the trust  instrument  or,  if
none, by an individual appointed by a court upon application to it by an
individual,  or  by  a trustee. Such trust shall terminate when [no] THE
living animal [is covered by the trust, or  at  the  end  of  twenty-one
years,  whichever  occurs  earlier] BENEFICIARY OR BENEFICIARIES OF SUCH
TRUST ARE NO LONGER ALIVE.
  (b) Except as expressly provided otherwise in the trust instrument, no
portion of the principal or income may be converted to the  use  of  the
trustee  or  to  any  use  other than for the benefit of [a] ALL covered
[animal] ANIMALS.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01639-02-9

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