Assembly Bill A10100

Signed By Governor
2017-2018 Legislative Session

Relates to limitations on powers and immunities of executors and testamentary trustees

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Archive: Last Bill Status - 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

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2017-A10100 (ACTIVE) - Details

See Senate Version of this Bill:
S6138
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §11-1.7, EPT L

2017-A10100 (ACTIVE) - Summary

Relates to limitations on powers and immunities of executors and testamentary trustees.

2017-A10100 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10100
 
                           I N  A S S E M B L Y
 
                              March 14, 2018
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee on Judiciary
 
 AN ACT to amend the estates, powers and trusts law, in relation to limi-
   tations  on  powers and immunities of executors and testamentary trus-
   tees
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section  11-1.7 of the estates, powers and trusts law, as
 amended by chapter 686 of the laws  of  1967,  is  amended  to  read  as
 follows:
 § 11-1.7 Limitations on powers and immunities of executors and testamen-
            tary trustees
   (a)  The attempted grant to an executor [or], testamentary trustee, OR
 INTER VIVOS TRUSTEE, or [the] HIS OR HER successor [of either],  of  any
 of  the  following enumerated powers or immunities is contrary to public
 policy:
   (1) The exoneration of such fiduciary from liability  for  failure  to
 exercise reasonable care, diligence and prudence.
   (2)  The  power to make a binding and conclusive fixation of the value
 of any asset for purposes of distribution, allocation or otherwise.
   (b) The attempted grant in any will OR TRUST of any power or  immunity
 in  contravention  of  the terms of this section shall be void but shall
 not be deemed to render such will OR TRUST invalid as a whole,  and  the
 remaining  terms  of  the  [will]  INSTRUMENT shall, so far as possible,
 remain effective.
   (c) Any person interested in an estate  or  [testamentary]  trust  may
 contest the validity of any purported grant of any power [of] OR immuni-
 ty  within  the purview of this section without diminishing or affecting
 adversely his OR HER interest in the estate or trust[,] any provision in
 any will OR TRUST to the contrary notwithstanding.
   § 2. This act shall take effect immediately and  shall  apply  to  all
 wills and trusts executed on or after its effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11695-01-7

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