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NY S07710
Bill
Status
5/12/2016
Primary Sponsor
John Bonacic
Click for details
AI Summary
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Amends the Estates, Powers and Trusts Law Section 11-2.3 to clarify that trustee adjustments between income and principal under the prudent investor act constitute re-characterizations for commission calculation purposes.
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Specifies that adjustments from income to principal or principal to income are re-characterized accordingly under Article 23 of the Surrogate's Court Procedure Act.
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Establishes that re-characterizations take effect on the date the transfer is recorded on the trust's records, not the date of the adjustment decision.
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Takes effect on January 1 following enactment into law.
Legislative Description
Provides that adjustments made by a trustee, under the prudent investor act, shall be deemed to be re-characterizations for the purposes of the payment of commissions.
Last Action
COMMITTED TO RULES
6/17/2016