Bill Text: NY S04584 | 2011-2012 | General Assembly | Introduced
Bill Title: Provides that the term "disposition" shall include succession to an interest occurring by operation of law by death of a joint tenant or tenant by the entirety.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-06-02 - SUBSTITUTED BY A6837 [S04584 Detail]
Download: New_York-2011-S04584-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 4584 2011-2012 Regular Sessions I N S E N A T E April 13, 2011 ___________ Introduced by Sen. BONACIC -- (at request of the Office of Court Admin- istration) -- 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 the renunciation of interests in jointly held property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subparagraph 1 of paragraph (b) of section 2-1.11 of the 2 estates, powers and trusts law, as amended by chapter 27 of the laws of 3 2010, is amended to read as follows: 4 (1) The term "disposition" shall include a disposition created under a 5 will or trust agreement including, without limitation, the granting of a 6 power of appointment, a disposition created by the exercise or nonexer- 7 cise of a power of appointment, a distributive share under 4-1.1, a 8 transfer created by a trust account as defined in 7-5.1, a transfer 9 created by a life insurance or annuity contract, a transfer resulting 10 from the creation of a joint tenancy or tenancy by the entirety, [a 11 transfer created by] SUCCESSION TO AN INTEREST OCCURRING BY OPERATION OF 12 LAW ON the death of a joint tenant or tenant by the entirety, a transfer 13 under an employee benefit plan (including, without limitation, any 14 pension, retirement, death benefit, stock bonus or profit-sharing plan, 15 system or trust), a transfer of a security to a beneficiary pursuant to 16 part 4 of article 13 of this chapter, any other disposition or transfer 17 created by any testamentary or nontestamentary instrument, or by opera- 18 tion of law, and any of the foregoing created or increased by reason of 19 a renunciation made by another person. 20 S 2. This act shall take effect immediately and shall apply to estates 21 of decedents dying on or after such date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09884-01-1