senate Bill S2014

2013-2014 Legislative Session

Relates to the role and duties of advisors in trust agreements

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to judiciary
Jan 09, 2013 referred to judiciary

S2014 - Details

Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Add ยง11-2.2-a, EPT L
Versions Introduced in 2011-2012 Legislative Session:
S7183

S2014 - Summary

Relates to the role and duties of advisors in trust agreements.

S2014 - Sponsor Memo

S2014 - Bill Text download pdf

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

                                  2014

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the estates, powers and trusts law, in relation  to  the
  role and duties of advisors in trust agreements

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

  Section 1. The estates, powers and trusts law is amended by  adding  a
new section 11-2.2-a to read as follows:
S 11-2.2-A ADVISORS
  (A) ADVISORS.
  (1)  WHERE  ONE  OR MORE PERSONS ARE GIVEN AUTHORITY BY THE TERMS OF A
GOVERNING INSTRUMENT TO DIRECT, CONSENT TO OR DISAPPROVE  A  FIDUCIARY'S
ACTUAL OR PROPOSED INVESTMENT DECISIONS, DISTRIBUTION DECISIONS OR OTHER
DECISION  OF THE FIDUCIARY, SUCH PERSONS SHALL BE CONSIDERED TO BE ADVI-
SORS AND FIDUCIARIES WHEN EXERCISING SUCH AUTHORITY UNLESS THE GOVERNING
INSTRUMENT OTHERWISE PROVIDES.
  (2) IF A GOVERNING INSTRUMENT PROVIDES THAT A FIDUCIARY IS  TO  FOLLOW
THE  DIRECTION  OF AN ADVISOR, AND THE FIDUCIARY ACTS IN ACCORDANCE WITH
SUCH A DIRECTION, THEN EXCEPT IN CASES OF WILLFUL MISCONDUCT ON THE PART
OF THE FIDUCIARY SO DIRECTED, THE FIDUCIARY SHALL NOT BE LIABLE FOR  ANY
LOSS RESULTING DIRECTLY OR INDIRECTLY FROM ANY SUCH ACT.
  (3)  IF  A  GOVERNING  INSTRUMENT PROVIDES THAT A FIDUCIARY IS TO MAKE
DECISIONS WITH THE CONSENT OF AN ADVISOR, THEN EXCEPT IN CASES OF  WILL-
FUL  MISCONDUCT  OR  GROSS  NEGLIGENCE ON THE PART OF THE FIDUCIARY, THE
FIDUCIARY SHALL NOT BE LIABLE FOR ANY LOSS RESULTING DIRECTLY  OR  INDI-
RECTLY FROM ANY ACT TAKEN OR OMITTED AS A RESULT OF SUCH ADVISOR'S FAIL-
URE  TO PROVIDE SUCH CONSENT AFTER HAVING BEEN REQUESTED TO DO SO BY THE
FIDUCIARY.
  (4) WHENEVER A GOVERNING INSTRUMENT PROVIDES THAT A  FIDUCIARY  IS  TO
FOLLOW THE DIRECTION OF AN ADVISOR WITH RESPECT TO INVESTMENT DECISIONS,

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

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