New York S 10469: Relates to assignment from a decedent's estate to a transferee for value in exchange for cash or other consideration

Bill Text

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S10469 Summary:

BILL NOS10469 

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SAME ASNo Same As

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SPONSORGOUNARDES

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COSPNSR

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MLTSPNSR

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Add §1425, SCPA

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Enacts certain provisions for the assignment from a decedent's estate to a transferee for value in exchange for cash or other consideration; requires certain conditions and a written agreement.

Go to top S10469 Actions:

BILL NOS10469 

&nbsp

05/15/2026REFERRED TO JUDICIARY

Go to topS10469 Committee&nbspVotes:

Go to topS10469 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10469 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10469

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Judiciary

 AN ACT to amend the surrogate's court procedure act, in relation to
 certain assignments to a transferee for value

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The surrogate's court procedure act is amended by adding a
 2 new section 1425 to read as follows:
 3 § 1425. Assignment to a transferee for value
 4 1. This section applies when an assignment from a decedent's estate is
 5 made to a transferee for value who acquires any interest of a benefici-
 6 ary in exchange for cash or other consideration.
 7 2. For purposes of this section, a transferee for value is a person
 8 who satisfies both of the following criteria:
 9 (a) The person purchases the interest from a beneficiary for consider-
 10 ation pursuant to a written agreement; and
 11 (b) The person, directly or indirectly, regularly engages in the
 12 purchase of beneficial interests in estates for consideration.
 13 3. This section shall not apply to any of the following:
 14 (a) a transferee who is a beneficiary of the estate or a person who
 15 has a claim to distribution from the estate under another instrument or
 16 by intestate succession;
 17 (b) a transferee who is either the registered domestic partner of the
 18 beneficiary, or is related by blood, marriage, or adoption to the bene-
 19 ficiary or the decedent; or
 20 (c) a transferee who is engaged in the business of locating missing or
 21 unknown heirs and who acquires an interest from a beneficiary solely in
 22 exchange for providing information or services associated with locating
 23 the heir or beneficiary.
 24 4. A written agreement is effective only if all the following condi-
 25 tions are met:
 26 (a) The executed written agreement is filed with the court, in accord-
 27 ance with 22 NYCRR 207.47, not later than forty-five days following the
 28 date of its execution or, if administration of the decedent's estate has

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15828-01-6

 S. 10469 2

 1 not commenced, not later than forty-five days following the issuance by
 2 the surrogate's court of fiduciary letters. Prior to filing or serving
 3 such written agreement, the transferee for value shall redact any
 4 personally identifying information of the beneficiary, other than the
 5 name and address of the beneficiary, and any financial information
 6 provided by the beneficiary to the transferee for value on the applica-
 7 tion for cash or other consideration, from the agreement;
 8 (b) If the negotiation or discussion between the beneficiary and the
 9 transferee for value leading to the execution of the written agreement
 10 by the beneficiary was conducted in a language other than English, the
 11 beneficiary shall receive the written agreement in English, together
 12 with a copy of the agreement translated into the language in which it
 13 was negotiated or discussed. The written agreement and the translated
 14 copy, if any, shall be provided to the beneficiary;
 15 (c) The documents signed by, or provided to, the beneficiary are
 16 printed in at least ten-point type;
 17 (d) The transferee for value executes a declaration or affidavit
 18 attesting that the requirements of this section have been satisfied, and
 19 the declaration or affidavit is filed with the court within forty-five
 20 days of execution of the written agreement or, if administration o