Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 12, 2017 |
signed chap.278 |
Aug 31, 2017 |
delivered to governor |
Jun 20, 2017 |
returned to assembly passed senate 3rd reading cal.426 substituted for s2079 |
Jun 20, 2017 |
substituted by a1482 |
Mar 21, 2017 |
advanced to third reading |
Mar 20, 2017 |
2nd report cal. |
Mar 15, 2017 |
1st report cal.426 |
Jan 12, 2017 |
referred to judiciary |
Senate Bill S2079
Signed By Governor2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A1482 - 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
2017-S2079 (ACTIVE) - Details
2017-S2079 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2079 TITLE OF BILL : An act to amend the estates, powers and trusts law, in relation to a trustee's power to adjust under the prudent investor act PURPOSE OF BILL : The purpose of the bill is to clarify the effective date of a trustee's power to adjust from income to principal or from principal to income. SUMMARY OF PROVISIONS OF BILL : Subparagraph 5 of paragraph (b) of section 11-2.3 of the Estates, Powers and Trusts Law (the EPTL) is amended by adding a new clause (G) stating that the effective date of a trustee's exercise of the power to adjust is the date that such transfer is made. JUSTIFICATION : The Prudent Investor Act ("PIA"), codified in EPTL 11-2.3, requires a trustee "to pursue an overall strategy to enable the trustee to make appropriate present and future distributions to or for the benefit of the beneficiaries under the governing instrument, in accordance with risk and return objectives reasonably suited to the whole portfolio."
2017-S2079 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2079 2017-2018 Regular Sessions I N S E N A T E January 12, 2017 ___________ 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 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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