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