S T A T E O F N E W Y O R K
________________________________________________________________________
8430
2025-2026 Regular Sessions
I N A S S E M B L Y
May 15, 2025
___________
Introduced by M. of A. P. CARROLL -- 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 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.
LBD08773-01-5
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