- Summary
- Actions
- Committee Votes
- Floor Votes
- Memo
- Text
- LFIN
- Chamber Video/Transcript
A09765 Summary:
BILL NO | A09765 |
  | |
SAME AS | SAME AS S04866-A |
  | |
SPONSOR | Dinowitz |
  | |
COSPNSR | |
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MLTSPNSR | |
  | |
Amd §§11-2.3 & 11-A-4.4, EPT L | |
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Relates to trust accounting income and principal; allows a trustee to allocate to income gains from the sale or exchange or other disposition of specified principal assets. |
A09765 Actions:
BILL NO | A09765 | |||||||||||||||||||||||||||||||||||||||||||||||||
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02/06/2018 | referred to judiciary | |||||||||||||||||||||||||||||||||||||||||||||||||
02/13/2018 | reported | |||||||||||||||||||||||||||||||||||||||||||||||||
02/15/2018 | advanced to third reading cal.688 | |||||||||||||||||||||||||||||||||||||||||||||||||
02/27/2018 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
02/27/2018 | delivered to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
02/27/2018 | REFERRED TO JUDICIARY |
A09765 Committee Votes:
Dinowitz | Aye | Palumbo | Aye | ||||||
Titus | Aye | Montesano | Aye | ||||||
Lavine | Aye | Barclay | Aye | ||||||
Zebrowski | Aye | Goodell | Aye | ||||||
Weprin | Aye | Castorina | Aye | ||||||
Braunstein | Absent | Morinello | Aye | ||||||
Simotas | Aye | ||||||||
Quart | Aye | ||||||||
Titone | Aye | ||||||||
Buchwald | Aye | ||||||||
Steck | Aye | ||||||||
Seawright | Aye | ||||||||
Simon | Aye | ||||||||
Joyner | Aye | ||||||||
Abinanti | Aye | ||||||||
Go to top
A09765 Floor Votes:
Yes
Abbate
Yes
Crouch
Yes
Gunther
Yes
Mayer
Yes
Pichardo
Yes
Taylor
Yes
Abinanti
Yes
Curran
Yes
Harris
Yes
McDonald
Yes
Pretlow
Yes
Thiele
Yes
Arroyo
Yes
Cusick
Yes
Hawley
ER
McDonough
Yes
Quart
Yes
Titone
Yes
Aubry
Yes
Cymbrowitz
ER
Hevesi
Yes
Miller B
Yes
Ra
Yes
Titus
Yes
Barclay
ER
Davila
ER
Hikind
Yes
Miller MG
Yes
Raia
Yes
Vanel
Yes
Barnwell
Yes
De La Rosa
Yes
Hooper
Yes
Miller ML
Yes
Ramos
ER
Walker
Yes
Barrett
Yes
DenDekker
Yes
Hunter
Yes
Montesano
Yes
Richardson
Yes
Wallace
Yes
Barron
Yes
Dickens
Yes
Hyndman
Yes
Morelle
Yes
Rivera
Yes
Walsh
Yes
Benedetto
Yes
Dilan
Yes
Jaffee
Yes
Morinello
Yes
Rodriguez
Yes
Walter
Yes
Bichotte
Yes
Dinowitz
Yes
Jean-Pierre
Yes
Mosley
Yes
Rosenthal D
Yes
Weinstein
Yes
Blake
ER
DiPietro
Yes
Jenne
Yes
Murray
ER
Rosenthal L
Yes
Weprin
Yes
Blankenbush
Yes
D'Urso
Yes
Johns
Yes
Niou
Yes
Rozic
Yes
Williams
Yes
Brabenec
Yes
Englebright
Yes
Jones
Yes
Nolan
Yes
Ryan
Yes
Woerner
Yes
Braunstein
Yes
Errigo
Yes
Joyner
Yes
Norris
Yes
Santabarbara
Yes
Wright
Yes
Brindisi
Yes
Fahy
Yes
Kim
Yes
Oaks
Yes
Schimminger
Yes
Zebrowski
Yes
Bronson
Yes
Finch
Yes
Kolb
Yes
O'Donnell
Yes
Seawright
Yes
Mr. Speaker
Yes
Buchwald
Yes
Fitzpatrick
Yes
Lalor
Yes
Ortiz
Yes
Sepulveda
ER
Butler
Yes
Friend
Yes
Lavine
Yes
Otis
Yes
Simon
Yes
Byrne
Yes
Galef
Yes
Lawrence
Yes
Palmesano
Yes
Simotas
Yes
Cahill
ER
Gantt
Yes
Lentol
ER
Palumbo
ER
Skartados
Yes
Carroll
Yes
Garbarino
Yes
Lifton
Yes
Paulin
Yes
Skoufis
Yes
Castorina
Yes
Giglio
Yes
Lupardo
Yes
Pellegrino
Yes
Solages
Yes
Colton
Yes
Glick
Yes
Magee
Yes
Peoples-Stokes
Yes
Stec
Yes
Cook
Yes
Goodell
Yes
Magnarelli
Yes
Perry
Yes
Steck
Yes
Crespo
Yes
Gottfried
Yes
Malliotakis
Yes
Pheffer Amato
Yes
Stirpe
‡ Indicates voting via videoconference
A09765 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 9765 IN ASSEMBLY February 6, 2018 ___________ Introduced by M. of A. DINOWITZ -- (at request of the Office of Court Administration) -- read once and referred to the Committee on Judici- ary AN ACT to amend the estates, powers and trusts law, in relation to trust accounting income and principal The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clause (A) of subparagraph 5 of paragraph (b) of section 2 11-2.3 of the estates, powers and trusts law, as amended by chapter 408 3 of the laws of 2008, is amended to read as follows: 4 (A) Where the rules in article 11-A apply to a trust and the terms of 5 the trust describe the amount that may or must be distributed to a bene- 6 ficiary by referring to the trust's income, the prudent investor stand- 7 ard also authorizes the trustee to adjust between principal and income 8 to the extent the trustee considers advisable to enable the trustee to 9 make appropriate present and future distributions in accordance with 10 clause (b)(3)(A) if the trustee determines, in light of its investment 11 decisions, the consideration factors incorporated in clause (b)(5)(B), 12 and the accounting income expected to be produced by applying the rules 13 in article 11-A, that such an adjustment would be fair and reasonable to 14 all of the beneficiaries. In adjusting from income to principal under 15 the power conferred by this clause, the trustee may allocate to princi- 16 pal any form of receipt which would otherwise be characterized as income 17 and may specify the particular receipt or receipts being allocated to 18 principal. In adjusting from principal to income the trustee (i) may 19 allocate to income any asset which would otherwise be characterized as 20 principal, regardless of whether it constitutes original trust princi- 21 pal, accumulated income, or realized or unrealized appreciation, (ii) 22 may specify the particular asset or assets being allocated to income, 23 and (iii) may specify that what is being allocated to income is part or 24 all of the realized gain from the sale, exchange or other disposition of 25 particular principal assets. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09597-03-8A. 9765 2 1 § 2. Paragraph 2 of section 11-A-4.4 of the estates, powers and trusts 2 law, as added by chapter 243 of the laws of 2001, is amended to read as 3 follows: 4 (2) money or other property received from the sale, exchange, liqui- 5 dation, or change in form of a principal asset, including realized 6 profit, subject to this part; provided, however, that a trustee may vary 7 this allocation as provided in clause 11-2.3(b)(5)(A), and provided 8 further, that a trustee who has an unlimited discretionary power to 9 distribute principal, as defined in subparagraph 10-6.6(s)(9), may allo- 10 cate to income part or all of the realized gain from the sale, exchange 11 or other disposition of specified principal assets. 12 § 3. This act shall take effect immediately and shall apply to all 13 trusts, whenever established.