Bill Text: NY A04601 | 2021-2022 | General Assembly | Introduced
Bill Title: Requires principals to notify co-trustees and co-beneficiaries of the signing of a power of attorney including the identity of the agent where the agent is not a co-trustee or co-beneficiary.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Vetoed) 2022-12-16 - tabled [A04601 Detail]
Download: New_York-2021-A04601-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4601 2021-2022 Regular Sessions IN ASSEMBLY February 4, 2021 ___________ Introduced by M. of A. BARNWELL -- read once and referred to the Commit- tee on Judiciary AN ACT to amend the general obligations law, in relation to requiring principals and beneficiaries to notify co-trustees and co-beneficiar- ies of the signing of a power of attorney The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The general obligations law is amended by adding a new 2 section 5-1515 to read as follows: 3 § 5-1515. Duty to notify other trustees and beneficiaries. 1. When a 4 principal, who is a trustee of a trust, signs a power of attorney which 5 allows the agent to affect such trust and the agent is not a co-trustee 6 of such trust, the principal shall notify in writing all other co-trus- 7 tees of the signing of a power of attorney and identify the person 8 assigned as the principal's agent. 9 2. When a principal, who is a beneficiary of a trust, signs a power of 10 attorney and the agent is not a co-beneficiary of such trust, the prin- 11 cipal shall notify in writing all other co-beneficiaries of the signing 12 of a power of attorney and identify the person assigned as the princi- 13 pal's agent. 14 § 2. This act shall take effect on the thirtieth day after it shall 15 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06912-01-1
