Bill Text: NY S03503 | 2023-2024 | General Assembly | Amended

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Bill Title: Requires principals to make a good faith effort to identify and notify co-trustees and co-beneficiaries of the signing of a power of attorney including the identity of the agent where the agent is not a co-trustee or co-beneficiary.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-03-04 - ADVANCED TO THIRD READING [S03503 Detail]

Download: New_York-2023-S03503-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         3503--A
            Cal. No. 365

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 31, 2023
                                       ___________

        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the  Committee  on  Judiciary  --  reported
          favorably  from  said  committee,  ordered to first and second report,
          ordered to a third reading, amended and ordered  reprinted,  retaining
          its place in the order of third reading

        AN  ACT  to  amend the general obligations law, in relation to requiring
          principals and beneficiaries to notify co-trustees and  co-beneficiar-
          ies of the signing of a power of attorney

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The general obligations law is  amended  by  adding  a  new
     2  section 5-1515 to read as follows:
     3    §  5-1515.  Duty to notify other trustees and beneficiaries. 1. When a
     4  principal, who is a trustee of a trust, signs a power of attorney  which
     5  allows  the agent to affect such trust and the agent is not a co-trustee
     6  of such trust, the principal shall make a good faith effort to  identify
     7  and notify in writing all other co-trustees of the signing of a power of
     8  attorney and identify the person assigned as the principal's agent.
     9    2. When a principal, who is a beneficiary of a trust, signs a power of
    10  attorney  and the agent is not a co-beneficiary of such trust, the prin-
    11  cipal shall notify in writing all other co-beneficiaries of the  signing
    12  of  a  power of attorney and identify the person assigned as the princi-
    13  pal's agent.  If the principal cannot identify or contact a co-benefici-
    14  ary after good faith efforts were made, the principal must attest to the
    15  efforts made to identify and/or contact co-beneficiaries.
    16    § 2. This act shall take effect on the thirtieth day  after  it  shall
    17  have become a law.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06926-02-3