New York S 2410: Relates to commercial fishing licenses

Bill Text

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S02410 Summary:

BILL NOS02410 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORSEPULVEDA

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Add §1409-a, SCPA

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Prohibits transfer agents from accepting waiver of probate forms to bypass formal estate procedures through the courts.

Go to top S02410 Actions:

BILL NOS02410 

&nbsp

01/17/2025REFERRED TO JUDICIARY

01/07/2026REFERRED TO JUDICIARY

Go to topS02410 Committee&nbspVotes:

Go to topS02410 Floor&nbspVotes:

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

Go to topS02410 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2410

 2025-2026 Regular Sessions

 IN SENATE

 January 17, 2025
 ___________

 Introduced by Sen. SEPULVEDA -- 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
 prohibiting the use of a waiver of probate form

 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 1409-a to read as follows:
 3 § 1409-a. Waiver of probate form prohibited
 4 1. For purposes of this section, the following terms shall have the
 5 following meanings: (a) "Waiver of probate" shall mean a sworn document
 6 executed by any deceased person's heirs and/or beneficiaries of a last
 7 will and testament and presented to a transfer agent to bring a claim of
 8 entitlement in an account or accounts of such deceased person bypassing
 9 formal estate proceedings as required by law.
 10 (b) "Transfer agent" shall mean a trust company, bank, credit union,
 11 or brokerage firm who maintains records of investors and works to
 12 execute the transfer of holdings within an account, either at the
 13 request of such investors or at the direction of a court order or
 14 proceeding.
 15 (c) "Account" shall have the same meaning as set forth in subdivision
 16 one of section two of the state finance law.
 17 2. The use of a waiver of probate shall be deemed prohibited in the
 18 state. No transfer agent shall accept an executed waiver of probate from
 19 a deceased person's heirs or beneficiaries of such deceased person's
 20 last will and testament as proof of entitlement to a certain asset or
 21 assets in order to facilitate the transfer of such asset or assets
 22 bypassing formal estate proceedings as required by law.
 23 3. No transfer agent shall accept a waiver of probate, even if such
 24 waiver of probate is affixed with a valid medallion signature guarantee
 25 from any financial institution authorized to provide such guarantee. No

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06455-01-5

 S. 2410 2

 1 waiver of probate shall be deemed as supporting evidence of a person's
 2 claim of entitlement to an asset or assets or to verify a person's iden-
 3 tity and/or relationship to a deceased owner of an asset or assets.
 4 4. This section shall apply to all persons who shall at the time of
 5 death be a resident of the state.
 6 § 2. This act shall take effect immediately.

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