Bill > A07677

This bill establishes a new trust code in New York. The key provisions include: - Creating a new article 7-A in the Estates, Powers and Trusts Law to govern express trusts, resulting trusts, and bank accounts in trust form (excluding constructive trusts). - Providing rules for the creation, validity, amendment, modification, and termination of trusts. - Addressing the rights of beneficiaries and creditors, as well as rules for spendthrift and discretionary trusts. - Establishing provisions for the office of the trustee, including their duties and powers. - Enacting the New York Uniform Directed Trust Act to govern the powers, duties, and liabilities of trust directors and directed trustees. - Addressing the liability of trustees and the rights of persons dealing with trustees. - Making various conforming amendments to related laws, such as the Surrogate's Court Procedure Act, Banking Law, and Social Services Law. The bill aims to modernize and clarify New York's trust laws, providing a comprehensive statutory framework to govern trusts in the state.