Bill Text: NY A07708 | 2023-2024 | General Assembly | Amended

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Bill Title: Requires principals to make a good faith effort to identify and 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: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-07-15 - enacting clause stricken [A07708 Detail]

Download: New_York-2023-A07708-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7708--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      June 6, 2023
                                       ___________

        Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
          Committee on Judiciary -- recommitted to the Committee on Judiciary in
          accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee

        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 make a good faith effort to identify
     7  and notify in writing all other co-trustees of the signing of a power of
     8  attorney and identify the person 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.  If the principal cannot identify or contact a co-benefici-
    14  ary after good faith efforts were made, the principal must attest to the
    15  efforts made to identify and/or contact co-beneficiaries.
    16    §  2.  This  act shall take effect on the thirtieth day after it shall
    17  have become a law.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06926-04-3