Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 07, 2018 |
amended on third reading 9764a |
Mar 22, 2018 |
advanced to third reading cal.723 |
Mar 20, 2018 |
reported |
Feb 06, 2018 |
referred to judiciary |
Assembly Bill A9764A
2017-2018 Legislative Session
Sponsored By
DINOWITZ
Archive: Last Bill Status - On Floor Calendar
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2017-A9764 - Details
2017-A9764 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9764 I N A S S E M B L Y February 6, 2018 ___________ Introduced by M. of A. DINOWITZ -- (at request of the Office of Court Administration) -- read once and referred to the Committee on Judici- ary AN ACT to amend the surrogate's court procedure act, in relation to the computation and allocation of the commissions of trustees of charita- ble trusts; and repealing certain provisions of such law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (a) and (b) of subdivision 5 of section 2308 of the surrogate's court procedure act, paragraph (a) as amended by chapter 936 of the laws of 1984, are amended to read as follows: (a) During the continuance of a trust created solely for public, reli- gious, charitable, scientific, literary, educational or fraternal uses and during the period of continuance of such a trust ESTABLISHED after the termination of a life use or uses the trustee shall be entitled to and may retain ANNUAL commissions [from income in an amount annually equal to 6 per cent of income collected in each year] ACCORDING TO THE TERMS SPECIFIED IN SUBDIVISION 2 OF THIS SECTION, BUT ONLY TO THE EXTENT OF 80 PERCENT OF THE RATES STATED THEREIN. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, WITH RESPECT TO ANY PORTION OF SUCH TRUST WHICH EXCEEDS A PRINCIPAL VALUE OF TWENTY MILLION DOLLARS, THE TRUSTEE MAY ONLY TAKE ANNUAL COMMISSIONS TO THE EXTENT OF 50 PERCENT OF THE RATE SPECIFIED IN PARAGRAPH (C) OF SUBDIVISION 2 OF THIS SECTION. (b) In the case of a trust [created solely for public, religious, charitable, scientific, literary, educational or fraternal uses the] DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION, A trustee shall not be entitled to any commission from principal AS SPECIFIED IN SUBDIVISION 1 OF THIS SECTION FOR PAYING OUT PRINCIPAL. § 2. Paragraph (c) of subdivision 6 of section 2308 of the surrogate's court procedure act is REPEALED. § 3. Subdivision 12 of section 2308 of the surrogate's court procedure act, as added by chapter 237 of the laws of 1978, is amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
2017-A9764A (ACTIVE) - Details
2017-A9764A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9764--A Cal. No. 723 I N A S S E M B L Y February 6, 2018 ___________ Introduced by M. of A. DINOWITZ -- (at request of the Office of Court Administration) -- read once and referred to the Committee on Judici- ary -- reported from committee, advanced to a third reading, amended and ordered reprinted, retaining its place on the order of third read- ing AN ACT to amend the surrogate's court procedure act, in relation to the computation and allocation of the commissions of trustees of charita- ble trusts; and repealing certain provisions of such law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 3 of section 2308 of the surrogate's court procedure act, as amended by chapter 243 of the laws of 2001, is amended to read as follows: 3. Unless the will otherwise explicitly provides, the annual commis- sions allowed by [subdivision two of] this section shall be payable one-third from the income of the trust and two-thirds from the principal of the trust. However, in the case of a trust whose definition of income is governed by 11-2.4 of the estates, powers and trusts law, such annual commissions shall be payable from the corpus of any such trust after allowance for the unitrust amount and shall not be payable out of such unitrust amount. § 2. Paragraphs (a) and (b) of subdivision 5 of section 2308 of the surrogate's court procedure act, paragraph (a) as amended by chapter 936 of the laws of 1984, are amended to read as follows: (a) During the continuance of a trust created solely for public, reli- gious, charitable, scientific, literary, educational or fraternal uses and during the period of continuance of such a trust ESTABLISHED after the termination of a life use or uses the trustee shall be entitled to and may retain ANNUAL commissions [from income in an amount annually equal to 6 per cent of income collected in each year] ACCORDING TO THE TERMS SPECIFIED IN SUBDIVISION 2 OF THIS SECTION, BUT ONLY TO THE EXTENT OF 80 PERCENT OF THE RATES STATED THEREIN. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, WITH RESPECT TO ANY PORTION OF SUCH TRUST WHICH
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