Full Statute Name:  Mckinney's Consolidated Laws of New York Annotated. Estates, Powers and Trusts Law. Chapter 17-B. Of the Consolidated Laws. Article 7. Trusts. Part 8. Honorary Trusts for Pets.

Share |
Primary Citation:  McKinney's E. P. T. L. § 7-8.1 Country of Origin:  United States Last Checked:  December, 2014 Alternate Citation:  NY EST POW & TRST § 7-8.1 Date Adopted:  1996
Summary:

This New York statute provides that a trust for the care of a designated domestic or pet animal is valid.  Such trust shall terminate when the living animal beneficiary or beneficiaries of such trust are no longer alive.  Upon termination, the trustee shall transfer the unexpended trust property as directed in the trust instrument or, if there are no such directions in the trust instrument, the property shall pass to the estate of the grantor.  A court may reduce the amount of the property transferred if it determines that amount substantially exceeds the amount required for the intended use.

Statute Text: 

(a) A trust for the care of a designated domestic or pet animal is valid. The intended use of the principal or income may be enforced by an individual designated for that purpose in the trust instrument or, if none, by an individual appointed by a court upon application to it by an individual, or by a trustee. Such trust shall terminate when the living animal beneficiary or beneficiaries of such trust are no longer alive.

(b) Except as expressly provided otherwise in the trust instrument, no portion of the principal or income may be converted to the use of the trustee or to any use other than for the benefit of all covered animals.

(c) Upon termination, the trustee shall transfer the unexpended trust property as directed in the trust instrument or, if there are no such directions in the trust instrument, the property shall pass to the estate of the grantor.

(d) A court may reduce the amount of the property transferred if it determines that amount substantially exceeds the amount required for the intended use. The amount of the reduction, if any, passes as unexpended trust property pursuant to paragraph (c) of this section.

(e) If no trustee is designated or no designated trustee is willing or able to serve, a court shall appoint a trustee and may make such other orders and determinations as are advisable to carry out the intent of the transferor and the purpose of this section.

CREDIT(S)

(Formerly § 7-6.1, added L.1996, c. 159, § 1. Renumbered § 7-8.1 L.2003, c. 630, § 3, eff. March 28, 2004. Amended L.2010, c. 70, § 1, eff. May 5, 2010.)

HISTORICAL AND STATUTORY NOTES

2011 Electronic Update

L.2010, c. 70 legislation

Section head. L.2010, c. 70, § 1, substituted “Trusts” for “Honorary trusts”.

Subd. (a). L.2010, c. 70, § 1, in the last sentence, substituted “the living animal beneficiary or beneficiaries of such trust are no longer alive” for “no living animal is covered by the trust, or at the end of twenty-one years, whichever occurs earlier”.

Subd. (b). L.2010, c. 70, § 1, substituted “all covered animals” for “a covered animal”.

 

Share |