Assembly Bill A7708A

2023-2024 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

Current Bill Status - Stricken

  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

Bill Amendments

2023-A7708 - Details

See Senate Version of this Bill:
S3503
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L
Versions Introduced in 2021-2022 Legislative Session:
A4601, S8892

2023-A7708 - Summary

Requires principals to make a good faith effort to identify and 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.

2023-A7708 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7708
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 6, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred 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.
                                                            LBD06926-01-3

2023-A7708A (ACTIVE) - Details

See Senate Version of this Bill:
S3503
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L
Versions Introduced in 2021-2022 Legislative Session:
A4601, S8892

2023-A7708A (ACTIVE) - Summary

Requires principals to make a good faith effort to identify and 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.

2023-A7708A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7708--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 6, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Judiciary -- recommitted to the Committee on Judiciary in
   accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee

 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 MAKE A GOOD FAITH EFFORT TO IDENTIFY
 AND NOTIFY IN WRITING ALL OTHER CO-TRUSTEES 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.  IF THE PRINCIPAL CANNOT IDENTIFY OR CONTACT A CO-BENEFICI-
 ARY AFTER GOOD FAITH EFFORTS WERE MADE, THE PRINCIPAL MUST ATTEST TO THE
 EFFORTS MADE TO IDENTIFY AND/OR CONTACT CO-BENEFICIARIES.
   §  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.
                                                            LBD06926-04-3

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.