Bill Text: NY S07463 | 2011-2012 | General Assembly | Amended

New York Senate Bill 7463 (Prior Session Legislation)

Bill Title: Provides that the disposition of a future estate not subject to a condition precedent vests per stirpes.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-06-21 - COMMITTED TO RULES [S07463 Detail]

Download: New_York-2011-S07463-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7463--A
                                   I N  S E N A T E
                                     May 22, 2012
                                      ___________
       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 -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee
       AN  ACT  to amend the estates, powers and trusts law, in relation to the
         disposition to issue or brothers or sisters of testator not  to  lapse
         and the application to class dispositions
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Paragraph (a) of section 3-3.3 of the estates, powers  and
    2  trusts law, as amended by chapter 595 of the laws of 1992, is amended to
    3  read as follows:
    4    (a) Unless the will whenever executed provides otherwise:
    5    (1)  Instruments  executed  prior to September first, nineteen hundred
    6  ninety-two.  Whenever a testamentary disposition INCLUDING A DISPOSITION
    7  OF A FUTURE ESTATE OTHER THAN A FUTURE ESTATE  SUBJECT  TO  A  CONDITION
    8  PRECEDENT OF SURVIVING THE TESTATOR is made to [the issue or to a broth-
    9  er or sister of the testator] A BENEFICIARY WHO IS ONE OF THE TESTATOR'S
   10  ISSUE OR A BROTHER OR SISTER, and such beneficiary dies during the life-
   11  time  of the testator leaving issue surviving such testator, such dispo-
   12  sition does not lapse but vests in such surviving issue, per stirpes.
   13    (2) Instruments executed on or after September first, nineteen hundred
   14  ninety-two. Whenever a testamentary disposition INCLUDING A  DISPOSITION
   15  OF  A  FUTURE  ESTATE  OTHER THAN A FUTURE ESTATE SUBJECT TO A CONDITION
   16  PRECEDENT OF SURVIVING THE TESTATOR is made to [the] A  BENEFICIARY  WHO
   17  IS  ONE  OF  THE  TESTATOR'S  issue  or [to] a brother or sister [of the
   18  testator], and such beneficiary dies during the lifetime of the testator
   19  leaving issue surviving such testator, such disposition does  not  lapse
   20  but vests in such surviving issue, by representation.
   21    (3) The provisions of subparagraphs (1) and (2) apply to a disposition
   22  made  [to  issue, brothers or sisters as a class] IN THE FORM OF A CLASS
   23  GIFT OTHER THAN A DISPOSITION TO  "ISSUE,"  "DESCENDANTS,"  OR  A  CLASS
   24  DESCRIBED BY LANGUAGE OF SIMILAR IMPORT, as if the disposition were made
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14025-02-2
       S. 7463--A                          2
    1  to  the  beneficiaries by their individual names, except that no benefit
    2  shall be conferred hereunder upon the surviving issue of an ancestor who
    3  died before the execution of the will in which the  disposition  to  the
    4  class was made.
    5    S  2.  This act shall take effect immediately; provided, however, that
    6  it shall apply only to the estates of decedents who shall have  died  on
    7  or after such effective date.