Assembly Bill A7708A

2023-2024 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

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Current Bill Status - In Assembly Committee

  • 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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Bill Amendments

2023-A7708 - Details

See Senate Version of this Bill:
S3503
Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L
Versions Introduced in 2021-2022 Legislative Session:
A4601, S8892

2023-A7708 - Summary

Requires principals to make a good faith effort to identify and 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.

2023-A7708 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7708
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 6, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred 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.
                                                            LBD06926-01-3

2023-A7708A (ACTIVE) - Details

See Senate Version of this Bill:
S3503
Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L
Versions Introduced in 2021-2022 Legislative Session:
A4601, S8892

2023-A7708A (ACTIVE) - Summary

Requires principals to make a good faith effort to identify and 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.

2023-A7708A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7708--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 6, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Judiciary -- recommitted to the Committee on Judiciary in
   accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee

 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 MAKE A GOOD FAITH EFFORT TO IDENTIFY
 AND 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.
   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.  IF THE PRINCIPAL CANNOT IDENTIFY OR CONTACT A CO-BENEFICI-
 ARY AFTER GOOD FAITH EFFORTS WERE MADE, THE PRINCIPAL MUST ATTEST TO THE
 EFFORTS MADE TO IDENTIFY AND/OR CONTACT CO-BENEFICIARIES.
   §  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.
                                                            LBD06926-04-3

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