Bill Text: NY S07182 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to the adjustment of funds of a trust for the purposes of calculation of commission; provides that the adjustment of funds from principal to interest or interest to principal shall be a re-characterization of the transferred asset for purposes of calculating commission.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-05-01 - REFERRED TO JUDICIARY [S07182 Detail]
Download: New_York-2011-S07182-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7182
I N S E N A T E
May 1, 2012
___________
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 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.
10 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15600-01-2
