Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
ordered to third reading cal.274 |
May 30, 2019 |
advanced to third reading cal.555 reported |
May 08, 2019 |
referred to judiciary |
Assembly Bill A7523
2019-2020 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
2019-A7523 (ACTIVE) - Details
2019-A7523 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7523 2019-2020 Regular Sessions I N A S S E M B L Y May 8, 2019 ___________ 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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