Senate Bill S6499

2021-2022 Legislative Session

Relates to the computation and allocation of the commissions of trustees of charitable trusts; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • 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-S6499 (ACTIVE) - Details

See Assembly Version of this Bill:
A7800
Current Committee:
Assembly Judiciary
Law Section:
Surrogate's Court Procedure Act
Laws Affected:
Amd §§2308, 2309 & 2312, rpld §2308 sub 6 ¶(c), SCPA
Versions Introduced in Other Legislative Sessions:
2017-2018: A9764
2019-2020: A7523
2023-2024: S7475

2021-S6499 (ACTIVE) - Summary

Relates to the computation and allocation of the commissions of trustees of charitable trusts.

2021-S6499 (ACTIVE) - Sponsor Memo

2021-S6499 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6499
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                May 4, 2021
                                ___________
 
 Introduced  by Sen. HOYLMAN -- (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
 
 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  to  repeal  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, as amended by chapter  601  of  the
 laws of 2019, 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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