Bill Text: NY S04584 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 4584 (Prior Session Legislation)

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