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A10047 Summary:

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A10047 Floor Votes:

A10047 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                        10047--A
 
                   IN ASSEMBLY
 
                                       May 2, 2012
                                       ___________
 
        Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
          Committee on Judiciary -- committee discharged, bill amended,  ordered
          reprinted as amended and recommitted to said committee
 
        AN  ACT  to amend the estates, powers and trusts law, in relation to the
          payment of interest on delayed legacies; and to repeal paragraphs  (d)

          and  (e)  of  section 11-1.5 of the estates, powers and trusts law and
          subdivision 7 of section 2102 of the surrogate's court  procedure  act
          relating thereto
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraphs (d) and (e) of section 11-1.5  of  the  estates,
     2  powers and trusts law are REPEALED.
     3    § 2. Paragraph 3 of section 11-A-2.1 of the estates, powers and trusts
     4  law,  as added by chapter 243 of the laws of 2001, is amended to read as
     5  follows:
     6    (3) [A] Unless otherwise provided by the terms of the will  or  trust,
     7  commencing  (A) seven months from either the date of death or other date
     8  a beneficiary is to receive a pecuniary amount outright if  letters  are

     9  not  required,  or  (B)  seven  months  from the time letters, including
    10  preliminary or temporary letters, are granted if letters are required, a
    11  fiduciary shall distribute income to a beneficiary who receives a  pecu-
    12  niary  amount outright [the interest or any other amount provided by the
    13  will, the terms of the trust, or applicable law], from net income deter-
    14  mined under paragraph (2) or from  principal  to  the  extent  that  net
    15  income  is  insufficient[.  If  a  beneficiary is to receive a pecuniary
    16  amount outright from a trust after an income interest ends and no inter-
    17  est or other amount is provided for by the terms of the trust or  appli-
    18  cable  law,  the fiduciary shall distribute the interest or other amount

    19  to which the beneficiary would be entitled under applicable law  if  the
    20  pecuniary  amount  were  required to be paid under a will], of an amount
    21  equal to the pecuniary amount multiplied  by  an  income  factor,  which
    22  shall  be set (or reset) on the first business day of each calendar year
    23  and fixed for that calendar year at the target  Federal  funds  rate  as
    24  announced  by  the  Federal  Reserve  Board  (or in the event the target
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15478-02-2
        A. 10047--A                         2
 

     1  Federal funds rate is a range of rates, the high of that range) less one
     2  percent, but in no event less than one-half of one percent.
     3    § 3.  Subdivision 7 of section 2102 of the surrogate's court procedure
     4  act is REPEALED.
     5    §  4.  This  act  shall take effect on the sixtieth day after it shall
     6  have become a law and shall apply to the estates of decedents who  shall
     7  have died on or after such date.