Assembly Bill A1482

Signed By Governor
2017-2018 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

download bill text pdf

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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-A1482 (ACTIVE) - Details

See Senate Version of this Bill:
S2079
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §11-2.3, EPT L
Versions Introduced in 2015-2016 Legislative Session:
A9930, S7710

2017-A1482 (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.

2017-A1482 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1482
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 Introduced  by  M.  of  A.  WEINSTEIN, COLTON, DINOWITZ -- 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.
   §  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.
                                                            LBD02867-01-7



              

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