What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
Senator · Senate District 42
No co-sponsors yet.
History
- Substituted by A9757
- Advanced to third reading
- 2nd report cal.
- 1st report cal.668
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Makes technical correction relating to exercise of power of appointment and an authorized trustee's authority to invade trust principal
Signed by Governor · Sponsor Edward Braunstein
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7244
Title of bill
An act to amend the estates, powers and trusts law, in relation to the exercise of a power of appointment and an authorized trustee's authority to invade trust principal
This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of her Surrogate's Court Advisory Committee. This measure would make one technical correction to the cross-referenced section in section 10-6.6(s)(10) of the EPTL, as added by chapter 482 of the Laws of 2013 - which chapter made technical corrections to New York's so-called "decanting statute", enacted in 1992. Section 10-6.6(b) codifies decisional law that permitted a trustee who has authority to invade the trust principal to exercise that power by creating new trusts. This effectively allows the rewriting of an irrevocable trust by permitting trust assets to be "appointed" or "decanted" to another trust. The addition of section 106.6(s)(10) made clear that, under the statute, a creator of the trust shall not be considered a beneficiary by reason of the trustee's authority to do certain acts regarding trust principal.
Section 10-6.6(s)(10) now reads as follows:
"§4. (10) The creator shall not be considered to be a beneficiary of an invaded or appointed trust by reason of the trustee's authority to pay trust principal to the creator pursuant to section 7-1.1 of this chapter or by reason of the trustee's authority under the trust instrument or any other provision of law to pay or reimburse the creator for any tax on trust income or trust principal that is payable by the creator under the law imposing such tax or to pay any such tax directly to the taxing authorities." (emphasis added.)
The underscored cross-reference, however, is incorrect. Instead of section 7-1.1, the statute should reference section 7-1.11. This measure would make the appropriate correction.
This measure, which would have no fiscal impact, would take effect immediately and shall be deemed to have been in full force and effect on and after November 13, 2013.
Legislative History: None. New proposal.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.