assembly Bill A4601

2021-2022 Legislative Session

Relates to requiring principals to notify co-trustees and co-beneficiaries of the signing of a power of attorney

download bill text pdf

Sponsored By

Current Bill Status - Delivered to Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 06, 2022 delivered to governor
Jun 01, 2022 returned to assembly
passed senate
3rd reading cal.1816
substituted for s8892
May 03, 2022 referred to judiciary
delivered to senate
passed assembly
Apr 28, 2022 advanced to third reading cal.531
Apr 26, 2022 reported
Jan 05, 2022 referred to judiciary
Feb 04, 2021 referred to judiciary

Co-Sponsors

A4601 (ACTIVE) - Details

See Senate Version of this Bill:
S8892
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L

A4601 (ACTIVE) - Summary

Requires principals to notify co-trustees and co-beneficiaries of the signing of a power of attorney including the identity of the agent where the agent is not a co-trustee or co-beneficiary.

A4601 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4601
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 Introduced by M. of A. BARNWELL -- read once and referred to the Commit-
   tee on Judiciary
 
 AN  ACT  to  amend the general obligations law, in relation to requiring
   principals and beneficiaries to notify co-trustees and  co-beneficiar-
   ies of the signing of a power of attorney

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general obligations law is  amended  by  adding  a  new
 section 5-1515 to read as follows:
   §  5-1515.  DUTY TO NOTIFY OTHER TRUSTEES AND BENEFICIARIES. 1. WHEN A
 PRINCIPAL, WHO IS A TRUSTEE OF A TRUST, SIGNS A POWER OF ATTORNEY  WHICH
 ALLOWS  THE AGENT TO AFFECT SUCH TRUST AND THE AGENT IS NOT A CO-TRUSTEE
 OF SUCH TRUST, THE PRINCIPAL SHALL NOTIFY IN WRITING ALL OTHER  CO-TRUS-
 TEES  OF  THE  SIGNING  OF  A  POWER OF ATTORNEY AND IDENTIFY THE PERSON
 ASSIGNED AS THE PRINCIPAL'S AGENT.
   2. WHEN A PRINCIPAL, WHO IS A BENEFICIARY OF A TRUST, SIGNS A POWER OF
 ATTORNEY AND THE AGENT IS NOT A CO-BENEFICIARY OF SUCH TRUST, THE  PRIN-
 CIPAL  SHALL NOTIFY IN WRITING ALL OTHER CO-BENEFICIARIES OF THE SIGNING
 OF A POWER OF ATTORNEY AND IDENTIFY THE PERSON ASSIGNED AS  THE  PRINCI-
 PAL'S AGENT.
   §  2.  This  act shall take effect on the thirtieth day after it shall
 have become a law.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06912-01-1