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A06263 Summary:

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A06263 Committee Votes:

A06263 Floor Votes:

A06263 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6263
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 19, 2015
                                       ___________
 
        Introduced  by  M.  of  A.  BRAUNSTEIN,  WEINSTEIN -- (at request of the
          Office of Court Administration) --  read  once  and  referred  to  the
          Committee on Judiciary
 
        AN  ACT  to  amend  the estates, powers and trusts law, in relation to a
          trustee's authority to recant the invasion of a trust and the creation
          of a new trust
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The opening paragraph and subparagraph 6 of paragraph (j)
     2  of section 10-6.6 of the estates, powers and  trusts  law,  the  opening
     3  paragraph as added by chapter 451 of the laws of 2011 and subparagraph 6
     4  as  amended  by  chapter  482 of the laws of 2013, are amended and a new
     5  subparagraph 7 is added to read as follows:
     6    The exercise of the power to appoint to an appointed trust under para-
     7  graph (b) or (c) of this section shall be evidenced by an instrument  in
     8  writing,  signed, dated and acknowledged by the authorized trustee.  The
     9  exercise of the power shall be effective thirty days after the  date  of
    10  service of the instrument as specified in subparagraph (2) of this para-
    11  graph,  unless  the  persons  entitled to notice consent in writing to a
    12  sooner effective date. The exercise of the power is irrevocable on  such
    13  effective  date,  either  thirty days following service of the notice or
    14  the effective date as set forth in the written consent.
    15    (6) A copy of the instrument exercising the power shall be  kept  with
    16  the  records  of the invaded trust and, within twenty days of the effec-
    17  tive date, the original shall be filed in the court having  jurisdiction
    18  over  the  invaded  trust. Where a trustee of an inter vivos trust exer-
    19  cises the power and the trust has not been the subject of  a  proceeding
    20  in  the  surrogate's court, no filing is required.  The instrument shall
    21  state that in certain  circumstances  the  appointment  will  begin  the
    22  running  of the statute of limitations that will preclude persons inter-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09957-01-5
        A. 6263                             2
 
     1  ested in the invaded trust from compelling an accounting by the trustees
     2  after the expiration of a given time.
     3    (7)  Prior  to  the  effective  date as provided herein, a trustee may
     4  revoke the exercise of the power to invade to a new trust. Where a trus-
     5  tee has served notice of the exercise of the power pursuant to  subpara-
     6  graph (2) of this paragraph, the trustee shall serve notice of the revo-
     7  cation of the exercise of the power to persons interested in the invaded
     8  trust  and  the  appointed trust by registered or certified mail, return
     9  receipt requested, or by  personal  delivery  or  in  any  other  manner
    10  directed  by the court having jurisdiction over the invaded trust. Where
    11  the notice of the exercise of the power was filed with  the  court,  the
    12  trustee shall file the notice of revocation of the exercise of the power
    13  with such court.
    14    §  2.  This  act  shall take effect immediately and shall apply to all
    15  estates and living trusts.