senate Bill S3790A

Signed By Governor
2013-2014 Legislative Session

Relates to the exercise of a power of appointment and an authorized trustee's authority to invade trust principal

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A7061 -


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 13, 2013 signed chap.482
Nov 01, 2013 delivered to governor
Jun 11, 2013 returned to assembly
passed senate
3rd reading cal.1016
substituted for s3790a
Jun 11, 2013 substituted by a7061
Jun 10, 2013 advanced to third reading
Jun 05, 2013 2nd report cal.
Jun 04, 2013 1st report cal.1016
Apr 29, 2013 print number 3790a
amend and recommit to judiciary
Feb 15, 2013 referred to judiciary

S3790 - Details

See Assembly Version of this Bill:
A7061
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §§10-6.6, 10-6.7 & 10-10.7, EPT L

S3790 - Summary

Relates to the exercise of a power of appointment and an authorized trustee's authority to invade trust principal.

S3790 - Sponsor Memo

S3790 - Bill Text download pdf

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

                                  3790

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 15, 2013
                               ___________

Introduced  by Sen. BONACIC -- (at request of the Office of Court Admin-
  istration) -- 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
  exercise of a power of appointment and an authorized trustee's author-
  ity to invade a trust

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

  Section 1. The opening paragraph of paragraph (b) of section 10-6.6 of
the  estates, powers and trusts law, as added by chapter 451 of the laws
of 2011, is amended to read as follows:
  An authorized trustee with unlimited discretion to invade trust  prin-
cipal  may  appoint  part  or  all  of such principal to a trustee of an
appointed trust for, and only for the benefit of, one, more than one  or
all  of the current beneficiaries of the invaded trust (to the exclusion
of any one or more of such current  beneficiaries).  The  successor  and
remainder beneficiaries of such appointed trust [shall] MAY be one, more
than  one  or  all  of the successor and remainder beneficiaries of such
invaded trust (to the exclusion of any one [or], more THAN ONE OR ALL of
such successor and remainder beneficiaries).
  S 2. Paragraph (d) of section 10-6.6 of the estates, powers and trusts
law, as added by chapter 451 of the laws of 2011, is amended to read  as
follows:
  (d)  An  exercise  of  the power to invade trust principal under para-
graphs (b) and (c) of this section shall be considered the exercise of a
special power of appointment as defined in section 10-3.2 of this  arti-
cle  PROVIDED,  HOWEVER,  THAT  SUCH  EXERCISE  SHALL BE GOVERNED BY THE
PROVISIONS OF SECTION 10-10.7 OF THIS ARTICLE.
  S 3. Subparagraphs 1 and 4 of paragraph (s) of section 10-6.6  of  the
estates,  powers  and trusts law, as added by chapter 451 of the laws of
2011, are amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08085-01-3

S3790A (ACTIVE) - Details

See Assembly Version of this Bill:
A7061
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §§10-6.6, 10-6.7 & 10-10.7, EPT L

S3790A (ACTIVE) - Summary

Relates to the exercise of a power of appointment and an authorized trustee's authority to invade trust principal.

S3790A (ACTIVE) - Sponsor Memo

S3790A (ACTIVE) - Bill Text download pdf

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

                                 3790--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 15, 2013
                               ___________

Introduced  by Sen. BONACIC -- (at request of the Office of Court Admin-
  istration) -- read twice and ordered printed, and when printed  to  be
  committed  to the Committee on Judiciary -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to amend the estates, powers and trusts law, in relation to the
  exercise of a power of appointment and an authorized trustee's author-
  ity to invade a trust

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

  Section 1. The opening paragraph of paragraph (b) of section 10-6.6 of
the  estates, powers and trusts law, as added by chapter 451 of the laws
of 2011, is amended to read as follows:
  An authorized trustee with unlimited discretion to invade trust  prin-
cipal  may  appoint  part  or  all  of such principal to a trustee of an
appointed trust for, and only for the benefit of, one, more than one  or
all  of the current beneficiaries of the invaded trust (to the exclusion
of any one or more of such current  beneficiaries).  The  successor  and
remainder beneficiaries of such appointed trust [shall] MAY be one, more
than  one  or  all  of the successor and remainder beneficiaries of such
invaded trust (to the exclusion of any one [or], more THAN ONE OR ALL of
such successor and remainder beneficiaries).
  S 2. Subparagraphs 5 and 6 of paragraph (j) of section 10-6.6  of  the
estates,  powers  and trusts law, as added by chapter 451 of the laws of
2011, are amended to read as follows:
  (5) The receipt of a copy of the instrument exercising the power shall
not affect the right of any person interested in the  invaded  trust  to
compel  the  authorized  trustee who exercised the power [of appointment
pursuant to] UNDER paragraph (b) or (c) of this section to  account  for
such  exercise  and  shall not foreclose any such interested person from
objecting to an account or compelling a trustee to account.  WHETHER THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08085-02-3

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