Senate Bill S3503

2023-2024 Legislative Session

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

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Current Bill Status - In Senate Committee Rules 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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Bill Amendments

2023-S3503 - Details

Current Committee:
Senate Rules
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L
Versions Introduced in 2021-2022 Legislative Session:
S8892

2023-S3503 - 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-S3503 - Sponsor Memo

2023-S3503 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3503
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 31, 2023
                                ___________
 
 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.
                                                            LBD06926-01-3

2023-S3503A (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
General Obligations Law
Laws Affected:
Add §5-1515, Gen Ob L
Versions Introduced in 2021-2022 Legislative Session:
S8892

2023-S3503A (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-S3503A (ACTIVE) - Sponsor Memo

2023-S3503A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3503--A
     Cal. No. 365
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 31, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the  Committee  on  Judiciary  --  reported
   favorably  from  said  committee,  ordered to first and second report,
   ordered to a third reading, amended and ordered  reprinted,  retaining
   its place in the order of third reading

 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.
                                                            LBD06926-02-3

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