Bill Text: NY S02079 | 2017-2018 | General Assembly | Introduced

New York Senate Bill 2079 (Prior Session Legislation)

NY State Legislature page for S02079

Introduced

Bill Title: Provides that adjustments made by a trustee, under the prudent investor act, shall be deemed to be re-characterizations for the purposes of the payment of commissions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-06-20 - SUBSTITUTED BY A1482 [S02079 Detail]

Download: New_York-2017-S02079-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          2079
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 12, 2017
                                       ___________
        Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary
        AN ACT to amend the estates, powers and trusts law,  in  relation  to  a
          trustee's power to adjust under the prudent investor act
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subparagraph 5 of paragraph (b) of section  11-2.3  of  the
     2  estates,  powers and trusts law is amended by adding a new clause (G) to
     3  read as follows:
     4    (G) Any exercise of the  power  to  adjust  under  this  subparagraph,
     5  whether  from  income  to  principal  or from principal to income, shall
     6  constitute a re-characterization of the transferred amount  from  income
     7  to  principal  or  from  principal  to  income,  as the case may be, for
     8  purposes of calculating commissions under article  twenty-three  of  the
     9  surrogate's  court procedure act and, for such purposes, such re-charac-
    10  terization shall be deemed to take effect on the date that such transfer
    11  from income to principal or from principal to income, as  the  case  may
    12  be, is made on a trust's records.
    13    §  2. This act shall take effect on the first of January next succeed-
    14  ing the date on which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02867-01-7