Assembly Bill A7523

2019-2020 Legislative Session

Relates to the computation and allocation of the commissions of trustees of charitable trusts; repealer

download bill text pdf

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Archive: Last Bill Status - On Floor Calendar


  • 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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2019-A7523 (ACTIVE) - Details

Law Section:
Surrogate's Court Procedure Act
Laws Affected:
Rpld §2308 sub 6 ¶(c), amd §§2308, 2309 & 2312, SCPA
Versions Introduced in Other Legislative Sessions:
2017-2018: A9764
2021-2022: A7800

2019-A7523 (ACTIVE) - Summary

Relates to the computation and allocation of the commissions of trustees of charitable trusts.

2019-A7523 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7523
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 8, 2019
                                ___________
 
 Introduced  by  M.  of A. DINOWITZ -- (at request of the Office of Court
   Administration) -- read once and referred to the Committee on  Judici-
   ary
 
 AN  ACT to amend the surrogate's court procedure act, in relation to the
   computation and allocation of the commissions of trustees of  charita-
   ble  trusts;  and  repealing  certain  provisions of such law relating
   thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraphs (a) and (b) of subdivision 5 of section 2308 of
 the surrogate's court procedure act, paragraph (a) as amended by chapter
 936 of the laws of 1984, are amended to read as follows:
   (a) During the continuance of a trust created solely for public, reli-
 gious, charitable, scientific, literary, educational or  fraternal  uses
 and  during  the period of continuance of such a trust ESTABLISHED after
 the termination of a life use or uses the trustee shall be  entitled  to
 and  may  retain  ANNUAL  commissions [from income in an amount annually
 equal to 6 per cent of income collected in each year] ACCORDING  TO  THE
 TERMS SPECIFIED IN SUBDIVISION 2 OF THIS SECTION, BUT ONLY TO THE EXTENT
 OF  80  PERCENT  OF  THE RATES STATED THEREIN. NOTWITHSTANDING ANY OTHER
 PROVISION OF LAW, WITH RESPECT  TO  ANY  PORTION  OF  SUCH  TRUST  WHICH
 EXCEEDS  A  PRINCIPAL  VALUE  OF TWENTY MILLION DOLLARS, THE TRUSTEE MAY
 ONLY TAKE ANNUAL COMMISSIONS TO THE EXTENT OF 50  PERCENT  OF  THE  RATE
 SPECIFIED IN PARAGRAPH (C) OF SUBDIVISION 2 OF THIS SECTION.
   (b)  In  the  case  of  a trust [created solely for public, religious,
 charitable, scientific, literary, educational  or  fraternal  uses  the]
 DESCRIBED  IN  PARAGRAPH (A) OF THIS SUBDIVISION, A trustee shall not be
 entitled to any commission from principal AS SPECIFIED IN SUBDIVISION  1
 OF THIS SECTION FOR PAYING OUT PRINCIPAL.
   § 2. Paragraph (c) of subdivision 6 of section 2308 of the surrogate's
 court procedure act is REPEALED.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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