NY S08425

Renames current Article 30 of the Agriculture and Markets Law to Article 50 and establishes new Article 30 for transfer-on-death designations of farm implements.

Defines "farm implement" to include tractors, machines, and equipment used exclusively in farming, agriculture, mowing, snow plowing, timber harvesting, and related operations, with specific inclusions such as milking machines, grain dryers, and feed elevators.

Allows owners to designate transfer-on-death beneficiaries for farm implements through a written document filed with the Commissioner that includes owner and beneficiary names, requires signatures of all owners and at least two witnesses (one disinterested), and permits designation of primary and contingent beneficiaries.

Provides that designations do not affect current ownership, may be canceled or changed at any time by the owner without beneficiary consent, and transfer ownership without probate upon the owner's death, subject to any liens or encumbrances.

Specifies that transfer-on-death designations are not testamentary dispositions and cannot be revoked or superseded by a will, effective January 1 following enactment.