Senate Bill S7475

2023-2024 Legislative Session

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

download bill text pdf

Sponsored By

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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2023-S7475 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Surrogate's Court Procedure Act
Laws Affected:
Amd §§2308, 2309 & 2312, rpld §2308 sub 6 ¶(c), SCPA
Versions Introduced in 2021-2022 Legislative Session:
S6499

2023-S7475 (ACTIVE) - Summary

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

2023-S7475 (ACTIVE) - Sponsor Memo

2023-S7475 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7475
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 30, 2023
                                ___________
 
 Introduced  by  Sen. HOYLMAN-SIGAL -- (at request of the Office of Court
   Administration) -- read twice and ordered printed, and when printed to
   be committed to the Committee on Judiciary
 
 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 to repeal 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, as amended by chapter 601 of the
 laws of 2019, 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.
                                                            LBD09925-01-3
              

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