Senate Bill S8892

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

Sponsored By

Archive: Last Bill Status Via A4601 - Passed Senate

  • 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-S8892 (ACTIVE) - Details

See Assembly Version of this Bill:
A4601
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L
Versions Introduced in 2023-2024 Legislative Session:
S3503, A7708

2021-S8892 (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-S8892 (ACTIVE) - Sponsor Memo

2021-S8892 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8892
 
                             I N  S E N A T E
 
                              April 27, 2022
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee 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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