Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 22, 2014 |
signed chap.130 |
Jul 11, 2014 |
delivered to governor |
Jun 10, 2014 |
returned to assembly passed senate 3rd reading cal.668 substituted for s7244 |
Jun 10, 2014 |
substituted by a9757 |
May 19, 2014 |
advanced to third reading |
May 14, 2014 |
2nd report cal. |
May 13, 2014 |
1st report cal.668 |
May 07, 2014 |
referred to judiciary |
Senate Bill S7244
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A9757 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2013-S7244 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9757
- Law Section:
- Estates, Powers and Trusts Law
- Laws Affected:
- Amd §10-6.6, EPT L
2013-S7244 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7244 TITLE OF BILL: 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 authority to invade trust principal This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of her Surrogate's Court Advisory Committee. This measure would make one technical correction to the cross-referenced section in section 10-6.6(s)(10) of the EPTL, as added by chapter 482 of the Laws of 2013 - which chapter made technical corrections to New York's so-called "decanting statute", enacted in 1992. Section 10-6.6(b) codifies decisional law that permitted a trustee who has authority to invade the trust principal to exercise that power by creating new trusts. This effectively allows the rewriting of an irrevocable trust by permitting trust assets to be "appointed" or "decanted" to another trust. The addition of section 106.6(s)(10) made clear that, under the statute, a creator of the trust shall not be considered a beneficiary by reason of the trustee's authority to do certain acts regarding trust principal. Section 10-6.6(s)(10) now reads as follows: "§4. (10) The creator shall not be considered to be a beneficiary of an invaded or appointed trust by reason of the trustee's authority to
2013-S7244 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7244 I N S E N A T E May 7, 2014 ___________ 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 trust principal THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph 10 of paragraph (s) of section 10-6.6 of the estates, powers and trusts law, as added by chapter 482 of the laws of 2013, is amended to read as follows: (10) The creator shall not be considered to be a beneficiary of an invaded or appointed trust by reason of the trustee's authority to pay trust principal to the creator pursuant to section [7-1.1] 7-1.11 of this chapter or by reason of the trustee's authority under the trust instrument or any other provision of law to pay or reimburse the creator for any tax on trust income or trust principal that is payable by the creator under the law imposing such tax or to pay any such tax directly to the taxing authorities. S 2. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after November 13, 2013. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14936-01-4
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