Bill Text: NY A10100 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to limitations on powers and immunities of executors and testamentary trustees.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2018-08-24 - signed chap.245 [A10100 Detail]

Download: New_York-2017-A10100-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10100
                   IN ASSEMBLY
                                     March 14, 2018
                                       ___________
        Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
          tee on Judiciary
        AN ACT to amend the estates, powers and trusts law, in relation to limi-
          tations  on  powers and immunities of executors and testamentary trus-
          tees
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  11-1.7 of the estates, powers and trusts law, as
     2  amended by chapter 686 of the laws  of  1967,  is  amended  to  read  as
     3  follows:
     4  § 11-1.7 Limitations on powers and immunities of executors and testamen-
     5             tary trustees
     6    (a)  The attempted grant to an executor [or], testamentary trustee, or
     7  inter vivos trustee, or [the] his or her successor [of either],  of  any
     8  of  the  following enumerated powers or immunities is contrary to public
     9  policy:
    10    (1) The exoneration of such fiduciary from liability  for  failure  to
    11  exercise reasonable care, diligence and prudence.
    12    (2)  The  power to make a binding and conclusive fixation of the value
    13  of any asset for purposes of distribution, allocation or otherwise.
    14    (b) The attempted grant in any will or trust of any power or  immunity
    15  in  contravention  of  the terms of this section shall be void but shall
    16  not be deemed to render such will or trust invalid as a whole,  and  the
    17  remaining  terms  of  the  [will]  instrument shall, so far as possible,
    18  remain effective.
    19    (c) Any person interested in an estate  or  [testamentary]  trust  may
    20  contest the validity of any purported grant of any power [of] or immuni-
    21  ty  within  the purview of this section without diminishing or affecting
    22  adversely his or her interest in the estate or trust[,] any provision in
    23  any will or trust to the contrary notwithstanding.
    24    § 2. This act shall take effect immediately and  shall  apply  to  all
    25  wills and trusts executed on or after its effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11695-01-7