| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Dec 16, 2022 | tabled vetoed memo.111 |
| Dec 06, 2022 | delivered to governor |
| Jun 01, 2022 | returned to assembly passed senate 3rd reading cal.1816 substituted for s8892 |
| Jun 01, 2022 | substituted by a4601 ordered to third reading cal.1816 committee discharged and committed to rules |
| Apr 27, 2022 | referred to judiciary |
senate Bill S8892
Vetoed By Governor2021-2022 Legislative Session
Sponsored By
James Skoufis
(D) 42nd Senate District
Archive: Last Bill Status Via A4601 - Vetoed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Vetoed by Governor
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S8892 (ACTIVE) - Details
S8892 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8892 SPONSOR: SKOUFIS TITLE OF BILL: An act to amend the general obligations law, in relation to requiring principals and beneficiaries to notify co-trustees and co-beneficiaries of the signing of a power of attorney PURPOSE: To provide more transparency in certain financial matters. SUMMARY OF PROVISIONS: 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-trustees of the signing of a power of attorney and identify the person assigned as the principal's agent. When a principal who is a beneficiary of a trust, signs a power of
S8892 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8892
I N S E N A T E
April 27, 2022
___________
Introduced by Sen. SKOUFIS -- read twice and ordered printed, and when
printed to be committed to the Committee 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
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