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Assembly Bill A10047A

2011-2012 Legislative Session

Establishes the formula for determining the interest payable on a delayed legacy; repealer

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Archive: Last Bill Status - In Senate Committee Rules Committee

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Bill Amendments

2011-A10047 - Details

See Senate Version of this Bill:
S7228
Current Committee:
Senate Rules
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Rpld §11-1.5 ¶¶(d) & (e), amd §11-A-2.1, EPT L; rpld §2102 sub 7, SCPA
Versions Introduced in 2013-2014 Legislative Session:
A1185, S4952

2011-A10047 - Summary

Establishes the formula for determining the interest payable on a delayed legacy.

2011-A10047 - Bill Text download pdf 

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

                                  10047

                          I N  A S S E M B L Y

                               May 2, 2012
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
  Committee on Judiciary

AN ACT to amend the estates, powers and trusts law, in relation  to  the
  payment  of interest on delayed legacies; and to repeal paragraphs (d)
  and (e) of section 11-1.5 of such law relating thereto

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

  Section  1.  Paragraphs  (d) and (e) of section 11-1.5 of the estates,
powers and trusts law are REPEALED.
  S 2. Paragraph 3 of section 11-A-2.1 of the estates, powers and trusts
law, as added by chapter 243 of the laws of 2001, is amended to read  as
follows:
  (3)  [A]  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, OR (B) SEVEN  MONTHS  FROM  THE  TIME  LETTERS,  INCLUDING
PRELIMINARY OR TEMPORARY LETTERS, ARE GRANTED IF LETTERS ARE REQUIRED, A
fiduciary  shall distribute INCOME to a beneficiary who receives a pecu-
niary amount outright [the interest or any other amount provided by  the
will, the terms of the trust, or applicable law], from net income deter-
mined  under  paragraph  (2)  or  from  principal to the extent that net
income is insufficient[. If a beneficiary  is  to  receive  a  pecuniary
amount outright from a trust after an income interest ends and no inter-
est  or other amount is provided for by the terms of the trust or appli-
cable law, the fiduciary shall distribute the interest or  other  amount
to  which  the beneficiary would be entitled under applicable law if the
pecuniary amount were required to be paid under a will],  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 OF RATES, THE HIGH OF THAT RANGE) LESS ONE
PERCENT, BUT IN NO EVENT LESS THAN ONE-HALF OF ONE PERCENT.
  S  3.  This  act  shall take effect on the sixtieth day after it shall
have become a law and shall apply to the estates of decedents who  shall
have died on or after such date.

2011-A10047A (ACTIVE) - Details

See Senate Version of this Bill:
S7228
Current Committee:
Senate Rules
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Rpld §11-1.5 ¶¶(d) & (e), amd §11-A-2.1, EPT L; rpld §2102 sub 7, SCPA
Versions Introduced in 2013-2014 Legislative Session:
A1185, S4952

2011-A10047A (ACTIVE) - Summary

Establishes the formula for determining the interest payable on a delayed legacy.

2011-A10047A (ACTIVE) - Bill Text download pdf 

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

                                10047--A

                          I N  A S S E M B L Y

                               May 2, 2012
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  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 the
  payment of interest on delayed legacies; and to repeal paragraphs  (d)
  and  (e)  of  section 11-1.5 of the estates, powers and trusts law and
  subdivision 7 of section 2102 of the surrogate's court  procedure  act
  relating thereto

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

  Section 1. Paragraphs (d) and (e) of section 11-1.5  of  the  estates,
powers and trusts law are REPEALED.
  S 2. Paragraph 3 of section 11-A-2.1 of the estates, powers and trusts
law,  as added by chapter 243 of the laws of 2001, is amended to read as
follows:
  (3) [A] 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,  OR  (B)  SEVEN  MONTHS  FROM THE TIME LETTERS, INCLUDING
PRELIMINARY OR TEMPORARY LETTERS, ARE GRANTED IF LETTERS ARE REQUIRED, A
fiduciary shall distribute INCOME to a beneficiary who receives a  pecu-
niary  amount outright [the interest or any other amount provided by the
will, the terms of the trust, or applicable law], from net income deter-
mined under paragraph (2) or from  principal  to  the  extent  that  net
income  is  insufficient[.  If  a  beneficiary is to receive a pecuniary
amount outright from a trust after an income interest ends and no inter-
est or other amount is provided for by the terms of the trust or  appli-
cable  law,  the fiduciary shall distribute the interest or other amount
to which the beneficiary would be entitled under applicable law  if  the
pecuniary  amount  were  required to be paid under a will], 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

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

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