Senate Bill S6138

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 Via A10100 - 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-S6138 (ACTIVE) - Details

See Assembly Version of this Bill:
A10100
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §11-1.7, EPT L

2017-S6138 (ACTIVE) - Summary

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

2017-S6138 (ACTIVE) - Sponsor Memo

2017-S6138 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6138
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 11, 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 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

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