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Assembly Bill A9930

2015-2016 Legislative Session

Provides that adjustments made by a trustee, under the prudent investor act, shall be deemed to be re-characterizations for the purposes of the payment of commissions

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2015-A9930 (ACTIVE) - Details

See Senate Version of this Bill:
S7710
Current Committee:
Senate Judiciary
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd ยง11-2.3, EPT L
Versions Introduced in 2017-2018 Legislative Session:
A1482, S2079

2015-A9930 (ACTIVE) - Summary

Provides that adjustments made by a trustee, under the prudent investor act, shall be deemed to be re-characterizations for the purposes of the payment of commissions.

2015-A9930 (ACTIVE) - Bill Text download pdf 

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

                                  9930

                          I N  A S S E M B L Y

                             April 27, 2016
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  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 power to adjust under the prudent investor act

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

  Section 1. Subparagraph 5 of paragraph (b) of section  11-2.3  of  the
estates,  powers and trusts law is amended by adding a new clause (G) to
read as follows:
  (G) ANY EXERCISE OF THE  POWER  TO  ADJUST  UNDER  THIS  SUBPARAGRAPH,
WHETHER  FROM  INCOME  TO  PRINCIPAL  OR FROM PRINCIPAL TO INCOME, SHALL
CONSTITUTE A RE-CHARACTERIZATION OF THE TRANSFERRED AMOUNT  FROM  INCOME
TO  PRINCIPAL  OR  FROM  PRINCIPAL  TO  INCOME,  AS THE CASE MAY BE, FOR
PURPOSES OF CALCULATING COMMISSIONS UNDER ARTICLE  TWENTY-THREE  OF  THE
SURROGATE'S  COURT PROCEDURE ACT AND, FOR SUCH PURPOSES, SUCH RE-CHARAC-
TERIZATION SHALL BE DEEMED TO TAKE EFFECT ON THE DATE THAT SUCH TRANSFER
FROM INCOME TO PRINCIPAL OR FROM PRINCIPAL TO INCOME, AS  THE  CASE  MAY
BE, IS MADE ON A TRUST'S RECORDS.
  S  2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15003-02-6

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