senate Bill S4952

Signed By Governor
2013-2014 Legislative Session

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

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Sponsored By

Archive: Last Bill Status Via A1185 - Signed by Governor


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

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 21, 2014 signed chap.404
Oct 09, 2014 delivered to governor
Mar 20, 2014 returned to assembly
passed senate
3rd reading cal.81
substituted for s4952
Mar 20, 2014 substituted by a1185
Feb 04, 2014 advanced to third reading
Feb 03, 2014 2nd report cal.
Jan 28, 2014 1st report cal.81
Jan 08, 2014 referred to judiciary
Jun 21, 2013 committed to rules
Jun 10, 2013 advanced to third reading
Jun 05, 2013 2nd report cal.
Jun 04, 2013 1st report cal.1021
May 01, 2013 referred to judiciary

Votes

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S4952 - Details

See Assembly Version of this Bill:
A1185
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 2011-2012 Legislative Session:
S7228A, A10047A

S4952 - Summary

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

S4952 - Sponsor Memo

S4952 - Bill Text download pdf

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

                                  4952

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 1, 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
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03692-01-3

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