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Assembly Bill A9761

2013-2014 Legislative Session

Relates to a trustee's authority to recant the invasion of a trust and provides that within certain time frames a trustee may revoke the exercise of the power to invade a new trust

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2013-A9761 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd ยง10-6.6, EPT L
Versions Introduced in 2015-2016 Legislative Session:
A6263

2013-A9761 (ACTIVE) - Summary

Relates to a trustee's authority to recant the invasion of a trust and provides that within certain time frames a trustee may revoke the exercise of the power to invade a new trust.

2013-A9761 (ACTIVE) - Bill Text download pdf 

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

                                  9761

                          I N  A S S E M B L Y

                              May 20, 2014
                               ___________

Introduced  by  M.  of  A.  BRAUNSTEIN,  WEINSTEIN -- (at request of the
  Office of Court Administration) --  read  once  and  referred  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-
ested in the invaded trust from compelling an accounting by the trustees
after the expiration of a given time.
  (7) PRIOR TO THE EFFECTIVE DATE AS  PROVIDED  HEREIN,  A  TRUSTEE  MAY
REVOKE THE EXERCISE OF THE POWER TO INVADE TO A NEW TRUST. WHERE A TRUS-

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

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