Assembly Bill A4601

2021-2022 Legislative Session

Relates to requiring principals to notify co-trustees and co-beneficiaries of the signing of a power of attorney

download bill text pdf

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Archive: Last Bill Status - Passed Senate & Assembly

  • 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

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2021-A4601 (ACTIVE) - Details

See Senate Version of this Bill:
S8892
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L
Versions Introduced in 2023-2024 Legislative Session:
A7708, S3503

2021-A4601 (ACTIVE) - Summary

Requires principals to 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.

2021-A4601 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4601
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 Introduced by M. of A. BARNWELL -- read once and referred to the Commit-
   tee on Judiciary
 
 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:
 
   Section 1. The general obligations law is  amended  by  adding  a  new
 section 5-1515 to read as follows:
   §  5-1515.  DUTY TO NOTIFY OTHER TRUSTEES AND BENEFICIARIES. 1. WHEN A
 PRINCIPAL, WHO IS A TRUSTEE OF A TRUST, SIGNS A POWER OF ATTORNEY  WHICH
 ALLOWS  THE AGENT TO AFFECT SUCH TRUST AND THE AGENT IS NOT A CO-TRUSTEE
 OF SUCH TRUST, THE PRINCIPAL SHALL NOTIFY IN WRITING ALL OTHER  CO-TRUS-
 TEES  OF  THE  SIGNING  OF  A  POWER OF ATTORNEY AND IDENTIFY THE PERSON
 ASSIGNED AS THE PRINCIPAL'S AGENT.
   2. WHEN A PRINCIPAL, WHO IS A BENEFICIARY OF A TRUST, SIGNS A POWER OF
 ATTORNEY AND THE AGENT IS NOT A CO-BENEFICIARY OF SUCH TRUST, THE  PRIN-
 CIPAL  SHALL NOTIFY IN WRITING ALL OTHER CO-BENEFICIARIES OF THE SIGNING
 OF A POWER OF ATTORNEY AND IDENTIFY THE PERSON ASSIGNED AS  THE  PRINCI-
 PAL'S AGENT.
   §  2.  This  act shall take effect on the thirtieth day after it shall
 have become a law.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06912-01-1

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