reglab/statecodes huggingface dataset:
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 3 - Receipts Normally Apportioned › 11-A-4.9 - Deferred Compensation, Annuities, and Similar Payments

§ 11-A-4.9 Deferred compensation, annuities, and similar payments
(a)  In  this  section,  "payment"  means a payment that a trustee may
receive over a fixed number of years or during the life of one  or  more
individuals  because of services rendered or property transferred to the
payer in exchange for future payments. The term includes a payment  made
in  money or property from the payer's general assets or from a separate
fund created by the payer, including a private or commercial annuity, an
individual  retirement   account,   and   a   pension,   profit-sharing,
stock-bonus, or stock-ownership plan.
(b)  To  the  extent  that a payment is characterized as interest or a
dividend or a payment made in lieu of interest or a dividend, a  trustee
shall allocate it to income. The trustee shall allocate to principal the
balance  of  the  payment  and  any  other  payment received in the same
accounting period that is not characterized as interest, a dividend,  or
an equivalent payment.
(c)  If no part of a payment is characterized as interest, a dividend,
or an equivalent payment, and all or part of the payment is required  to
be made, a trustee shall allocate to income ten percent of the part that
is  required  to be made during the accounting period and the balance to
principal. If no part of a payment is required to be made or the payment
received is the entire amount to which  the  trustee  is  entitled,  the
trustee  shall allocate the entire payment to principal. For purposes of
this paragraph, a payment is not "required to be  made"  to  the  extent
that it is made because the trustee exercises a right of withdrawal.
(d)  If,  to  obtain  an  estate  tax marital deduction for a trust, a
trustee must allocate more of a payment to income than provided  for  by
this section, the trustee shall allocate to income the additional amount
necessary to obtain the marital deduction.
(e)  This  section  does  not  apply  to  payments  to which 11-A-4.10
applies.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 3 - Receipts Normally Apportioned › 11-A-4.10 - Liquidating Asset

§ 11-A-4.10 Liquidating asset
(a)  In  this  section, "liquidating asset" means an asset whose value
will diminish or terminate because the  asset  is  expected  to  produce
receipts  for  a  period  of  limited  duration.  The  term  includes  a
leasehold, patent,  copyright,  royalty  right,  and  right  to  receive
payments during a period of more than one year under an arrangement that
does  not provide for the payment of interest on the unpaid balance. The
term does not include a payment subject to 11-A-4.9,  resources  subject
to  11-A-4.11,  timber  subject  to  11-A-4.12,  an  activity subject to
11-A-4.14, an asset subject to 11-A-4.15, or any  asset  for  which  the
trustee establishes a reserve for depreciation under 11-A-5.3.
(b)  A  trustee  shall  allocate to income ten percent of the receipts
from a liquidating asset and the balance to principal.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 3 - Receipts Normally Apportioned › 11-A-4.11 - Minerals, Water, and Other Natural Resources

§ 11-A-4.11 Minerals, water, and other natural resources
(a)  To  the  extent  that  a  trustee  accounts  for receipts from an
interest in  minerals  or  other  natural  resources  pursuant  to  this
section, the trustee shall allocate them as follows:
(1)  If received as a bonus, delay rental or annual rent on a lease, a
receipt of less than one thousand dollars must be  allocated  to  income
and  a receipt of one thousand dollars or more must be allocated fifteen
percent to principal and eighty-five percent to income;
(2) If received from a production payment, a receipt must be allocated
to income  if  and  to  the  extent  that  the  agreement  creating  the
production payment provides a factor for interest or its equivalent. The
balance must be allocated to principal;
(3)  If  received  as  a royalty, shut-in-well payment, or take-or-pay
payment, a receipt must be allocated fifteen percent  to  principal  and
eighty-five percent to income;
(4)  If  an  amount  is  received from a working interest or any other
interest not provided for in subparagraph (a)(1), (2), or (3), a receipt
must be allocated fifteen percent to principal and  eighty-five  percent
to income.
(b)  An  amount  received  on  account of an interest in water that is
renewable must be allocated to income. If the water  is  not  renewable,
ninety  percent  of  the  amount  must be allocated to principal and the
balance to income.
(c) This article applies whether  or  not  a  decedent  or  donor  was
extracting  minerals,  water,  or  other  natural  resources  before the
interest became subject to the trust.
(d) If a trust exists on the  effective  date  of  this  section,  the
trustee  may  allocate  receipts from an interest in minerals, water, or
other natural resources as provided in this section  or  in  the  manner
used by the trustee before the effective date of this section. For every
trust  created  after  the  effective  date of this section, the trustee
shall allocate receipts from an interest in minerals,  water,  or  other
natural resources as provided in this section. If and to the extent that
the  terms  of  a  trust expressly provide for a different allocation of
receipts or grants the trustee discretionary authority to determine  the
amount  of  the  allocation,  this  section  shall  not  apply  to those
receipts.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 3 - Receipts Normally Apportioned › 11-A-4.12 - Timber

§ 11-A-4.12 Timber
(a)  To  the extent that a trustee accounts for receipts from the sale
of timber and related products pursuant to  this  section,  the  trustee
shall allocate the net receipts:
(1) to income to the extent that the amount of timber removed from the
land  does  not  exceed  the  rate  of  growth  of the timber during the
accounting periods  in  which  a  beneficiary  has  a  mandatory  income
interest;
(2)  to principal to the extent that the amount of timber removed from
the land exceeds the rate of growth of the timber or  the  net  receipts
are from the sale of standing timber;
(3)  to  or  between income and principal if the net receipts are from
the lease of timberland or from a contract to cut timber from land owned
by a trust, by determining the amount of timber removed  from  the  land
under  the lease or contract and applying the rules in subparagraphs (1)
and (2); or
(4) to principal to the extent that  advance  payments,  bonuses,  and
other  payments  are not allocated pursuant to subparagraph (1), (2), or
(3).
(b) In determining net receipts to be allocated pursuant to  paragraph
(a),  a  trustee  shall  deduct  and  transfer to principal a reasonable
amount for depletion.
(c) This article applies whether or not a decedent or  transferor  was
harvesting  timber  from  the  property  before it became subject to the
trust.
(d) If a trust owns an interest in timberland on the effective date of
this article, the trustee may allocate net receipts  from  the  sale  of
timber and related products as provided in this article or in the manner
used  by  the  trustee before the effective date of this article. If the
trust acquires an interest in timberland after  the  effective  date  of
this  article,  the trustee shall allocate net receipts from the sale of
timber and related products as provided in this article.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 3 - Receipts Normally Apportioned › 11-A-4.13 - Property Not Productive of Income

§ 11-A-4.13 Property not productive of income
(a)  If  a gift tax or estate tax marital deduction is allowed for all
or part of a trust whose assets consist substantially of  property  that
does  not  provide  the spouse with sufficient income from or use of the
trust assets, and  if  the  amounts  that  the  trustee  transfers  from
principal to income under paragraph 11-2.3 (b)(5) and distributes to the
spouse   from   principal  pursuant  to  the  terms  of  the  trust  are
insufficient  to  provide  the  spouse  with  the  beneficial  enjoyment
required  to  obtain  the  marital deduction, the spouse may require the
trustee to make property productive of income, convert property within a
reasonable time, or exercise the power  conferred  by  paragraph  11-2.3
(b)(5). The trustee may decide which action or combination of actions to
take.
(b)  In cases not governed by paragraph (a), proceeds from the sale or
other disposition of an asset are principal without regard to the amount
of income the asset produces during any accounting period.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 3 - Receipts Normally Apportioned › 11-A-4.14 - Derivatives and Options

§ 11-A-4.14 Derivatives and options
(a)  In  this  section,  "derivative"  means  a  contract or financial
instrument or a combination of contracts and financial instruments which
gives a trust the right or obligation to  participate  in  some  or  all
changes  in  the  price  of  a  tangible or intangible asset or group of
assets, or changes in a rate, an index of  prices  or  rates,  or  other
market indicator for an asset or a group of assets.
(b)  To  the extent that a trustee does not account under 11-A-4.3 for
transactions in derivatives, the trustee  shall  allocate  to  principal
receipts   from   and   disbursements  made  in  connection  with  those
transactions.
(c) If a trustee grants an option to  buy  property  from  the  trust,
whether  or  not the trust owns the property when the option is granted,
grants an option that permits another person to  sell  property  to  the
trust,  or acquires an option to buy property for the trust or an option
to sell an asset owned by the trust, and the trustee or other  owner  of
the  asset  is required to deliver the asset if the option is exercised,
an amount  received  for  granting  the  option  must  be  allocated  to
principal.  An  amount  paid  to  acquire  the  option must be paid from
principal. A gain or loss realized  upon  the  exercise  of  an  option,
including  an  option  granted  to  a  settlor of the trust for services
rendered, must be allocated to principal.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 3 - Receipts Normally Apportioned › 11-A-4.15 - Asset-Backed Securities

§ 11-A-4.15 Asset-backed securities
(a)  In  this  section,  "asset-backed  security" means an asset whose
value  is  based  upon  the  right  it  gives  the  owner   to   receive
distributions  from  the  proceeds  of  financial  assets  that  provide
collateral for the security. The term includes an asset that  gives  the
owner the right to receive from the collateral financial assets only the
interest  or  other  current  return  or  only  the  proceeds other than
interest or current return. The term does not include an asset to  which
11-A-4.1 or 11-A-4.9 applies.
(b)  If  a  trust  receives  a  payment from interest or other current
return and from other proceeds of the collateral financial  assets,  the
trustee  shall  allocate  to income the portion of the payment which the
payer identifies as being from interest  or  other  current  return  and
shall allocate the balance of the payment to principal.
(c)  If  a  trust  receives  one  or more payments in exchange for the
trust's entire interest in an asset-backed security  in  one  accounting
period,  the  trustee  shall  allocate  the  payments to principal. If a
payment is one  of  a  series  of  payments  that  will  result  in  the
liquidation  of  the trust's interest in the security over more than one
accounting period, the trustee shall allocate ten percent of the payment
to income and the balance to principal.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 5 - Allocation of Disbursements During Administration of Trust › 11-A-5.1 - Disbursements From Income

§ 11-A-5.1 Disbursements from income
A  trustee  shall  make the following disbursements from income to the
extent that they are not disbursements to  which  subparagraph  11-A-2.1
(2)(B) or (C) applies:
(1)  one-third  of  the  regular  compensation of any person providing
investment advisory or custodial services to the trustee;
(2) if the court shall find that  any  judicial  proceeding  primarily
concerns  income  and that it is equitable to charge the expense of such
proceeding, or a part thereof, to income, the court may direct that  all
or  a  specified  part  of  the  expense  of  such proceeding, including
attorney's fees, shall be charged to income;
(3) all of the other ordinary expenses incurred in connection with the
administration, management, or preservation of trust  property  and  the
distribution  of income, including interest, ordinary repairs, regularly
recurring taxes assessed against principal; and
(4) recurring premiums on insurance covering the loss of  a  principal
asset or the loss of income from or use of the asset.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 5 - Allocation of Disbursements During Administration of Trust › 11-A-5.2 - Disbursements From Principal

§ 11-A-5.2 Disbursements from principal
(a) A trustee shall make the following disbursements from principal:
(1)  the  remaining  two-thirds  of  the  disbursements  described  in
paragraph 11-A-5.1 (1);
(2) all of the trustee's compensation calculated on principal as a fee
for acceptance, distribution, or termination, and disbursements made  to
prepare property for sale;
(3) payments on the principal of a trust debt;
(4)  except  as  provided  in paragraph 11-A-5.1 (2), all expenses for
accountings, judicial proceedings or other matters that involve both the
income and remainder interests  or  that  concern  primarily  principal,
including  a proceeding to construe the trust or to protect the trust or
its property;
(5) premiums paid on a policy of insurance not described in  paragraph
11-A-5.1 (4) of which the trust is the owner and beneficiary;
(6)   estate,   inheritance,   and  other  transfer  taxes,  including
penalties, apportioned to the trust; and
(7)  disbursements  related  to   environmental   matters,   including
reclamation,  assessing environmental conditions, remedying and removing
environmental contamination,  monitoring  remedial  activities  and  the
release   of   substances,  preventing  future  releases  of  substances
collecting amounts from persons liable or  potentially  liable  for  the
costs of those activities, penalties imposed under environmental laws or
regulations  and  other  payments  made  to  comply  with  those laws or
regulations, statutory or  common  law  claims  by  third  parties,  and
defending claims based on environmental matters.
(b)  If  a  principal  asset  is  encumbered  with  an obligation that
requires income from that asset to be paid directly to the creditor, the
trustee shall transfer from principal to income an amount equal  to  the
income paid to the creditor in reduction of the principal balance of the
obligation.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 5 - Allocation of Disbursements During Administration of Trust › 11-A-5.3 - Transfers From Income to Principal for Depreciation

§ 11-A-5.3 Transfers from income to principal for depreciation
(a)  In this section, "depreciation" means a reduction in value due to
wear, tear, decay, corrosion, or gradual obsolescence of a  fixed  asset
having a useful life of more than one year.
(b) A trustee may transfer to principal a reasonable amount of the net
cash  receipts  from  a principal asset that is subject to depreciation,
but may not transfer any amount for depreciation:
(1) of that portion of real property used or available for  use  by  a
beneficiary as a residence or of tangible personal property held or made
available for the personal use or enjoyment of a beneficiary;
(2) during the administration of a decedent's estate; or
(3) under this section if the trustee is accounting under 11-A-4.3 for
the business or activity in which the asset is used.
(c)  An amount transferred to principal need not be held as a separate
fund.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 5 - Allocation of Disbursements During Administration of Trust › 11-A-5.4 - Transfers From Income to Reimburse Principal

§ 11-A-5.4 Transfers from income to reimburse principal
(a)  If  a  trustee  makes or expects to make a principal disbursement
described in this section,  the  trustee  may  transfer  an  appropriate
amount  from  income  to  principal in one or more accounting periods to
reimburse principal  or  to  provide  a  reserve  for  future  principal
disbursements.
(b) Principal disbursements to which paragraph (a) applies include the
following, but only to the extent that the trustee has not been and does
not expect to be reimbursed by a third party:
(1)  an amount chargeable to income but paid from principal because it
is unusually large, including extraordinary repairs;
(2) a capital improvement to a principal asset, whether in the form of
changes to an existing  asset  or  the  construction  of  a  new  asset,
including special assessments;
(3)  disbursements  made  to  prepare  property  for rental, including
tenant allowances, leasehold improvements, and broker's commissions;
(4) periodic payments on an obligation secured by a principal asset to
the extent that the amount transferred  from  income  to  principal  for
depreciation is less than the periodic payments; and
(5) disbursements described in subparagraph 11-A-5.2 (a)(7).
(c)  If  the  asset  whose  ownership  gives rise to the disbursements
becomes subject to a successive income interest after an income interest
ends, a  trustee  may  continue  to  transfer  amounts  from  income  to
principal as provided in paragraph (a).
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 5 - Allocation of Disbursements During Administration of Trust › 11-A-5.5 - Income Taxes

§ 11-A-5.5 Income taxes
(a) A tax required to be paid by a trustee based on receipts allocated
to income must be paid from income.
(b) A tax required to be paid by a trustee based on receipts allocated
to  principal  must be paid from principal, even if the tax is called an
income tax by the taxing authority.
(c) A tax required to be paid by a trustee on the trust's share of  an
entity's taxable income must be paid proportionately:
(1)  from  income  to  the  extent  that  receipts from the entity are
allocated to income; and
(2) from principal to the extent that:
(A) receipts from the entity are allocated to principal; and
(B) the trust's share of the entity's taxable income exceeds the total
receipts described in subparagraph (1) and clause (A).
(d) For purposes of this section, receipt allocated  to  principal  or
income  must  be reduced by the amount distributed to a beneficiary from
principal or  income  for  which  the  trust  receives  a  deduction  in
calculating the tax.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 5 - Allocation of Disbursements During Administration of Trust › 11-A-5.6 - Adjustments Between Principal and Income Because of Taxes

§ 11-A-5.6 Adjustments between principal and income because of taxes
A  fiduciary  may  make  adjustments  between  principal and income to
offset the shifting of economic interests or tax benefits between income
beneficiaries and remainder beneficiaries which arise from:
(1) elections and decisions that the fiduciary makes from time to time
regarding tax matters;
(2) an income tax or any other tax that is imposed upon the  fiduciary
or   a  beneficiary  as  a  result  of  a  transaction  involving  or  a
distribution from the estate or trust; or
(3) the ownership by an estate or trust of an interest  in  an  entity
whose  taxable  income, whether or not distributed, is includable in the
taxable income of the estate, trust, or a beneficiary.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 6 - Miscellaneous Provisions › 11-A-6.1 - Uniformity of Application and Construction

§ 11-A-6.1 Uniformity of application and construction
In  applying  and construing this article, consideration must be given
  to the need to promote uniformity of the law with respect to its subject
  matter among states that enact it.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 6 - Miscellaneous Provisions › 11-A-6.2 - Severability Clause

§ 11-A-6.2 Severability clause
If  any  provision of this article or its application to any person or
  circumstance is held invalid,  the  invalidity  does  not  affect  other
  provisions  or  applications  of  this article which can be given effect
  without the invalid provision  or  application,  and  to  this  end  the
  provisions of this article are severable.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 6 - Miscellaneous Provisions › 11-A-6.4 - Application of Article

§ 11-A-6.4 Application of article
Except  as specifically provided in the trust instrument, the will, or
  in this article, this article shall apply  to  any  receipt  or  expense
  received  or  incurred  on  or  after its effective date by any trust or
  decedent's estate established before, on or after its effective date and
  whether the asset involved was acquired by the  trustee  before,  on  or
  after  its effective date, except that this article shall not apply to a
  trust while any current beneficiary is interested in a  unitrust  amount
  pursuant to subparagraph 11-2.4(b)(1); but it does apply with respect to
  assets  to  which such a unitrust may become entitled but prior to their
  actual receipt into the unitrust.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 12 - Actions by Creditors and Other Persons Against Distributees and Testamentary Beneficiaries › Part 1 - Liability of Distributees and Testamentary Beneficiaries and Action Thereon › 12-1.1 - Liability of Distributees and Testamentary Beneficiaries

§ 12-1.1 Liability of distributees and testamentary beneficiaries
(a)  Subject to the other provisions of this article, distributees and
testamentary beneficiaries are liable, in an action, to  the  extent  of
the  value  of  any property received by them as such, for the debts and
reasonable funeral expenses of a decedent, the expenses of administering
his estate and all taxes for which the estate is liable, which have  not
previously  been  recovered from the personal representative or from any
other source described in paragraph (b).
(b) No liability may be imposed upon such distributees or testamentary
beneficiaries,  under  paragraph  (a),  unless   plaintiff   establishes
satisfactorily to the court that he cannot fully satisfy his claim:
(1) Because there is insufficient property of the estate available for
such purpose in the hands of the personal representative;
(2)  By  action  against  persons prior in liability to the defendant,
under paragraph (a) of 12-1.2, because such persons are not amenable  to
suit in this state, are insolvent or for any other reason cannot be made
to answer for their liabilities; or
(3) By the enforcement, under 3-3.6, of any lien, security interest or
other  charge  he  holds  against  property of the decedent specifically
disposed of by will or passing to a distributee, or against the proceeds
of any policy of insurance on the life of  the  decedent  payable  to  a
named beneficiary.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 12 - Actions by Creditors and Other Persons Against Distributees and Testamentary Beneficiaries › Part 1 - Liability of Distributees and Testamentary Beneficiaries and Action Thereon › 12-1.2 - Order of Liability; Preferences

§ 12-1.2 Order of liability; preferences
(a)   Distributees  and  testamentary  beneficiaries  are  liable,  as
provided in 12-1.1, in the following order:
(1) Distributees.
(2) Residuary beneficiaries.
(3)  General  beneficiaries.  Demonstrative  beneficiaries  shall   be
treated  as  general  beneficiaries,  to the extent that the property or
fund charged with a demonstrative disposition has adeemed.
(4)  Specific  beneficiaries.  Demonstrative  beneficiaries  shall  be
treated  as  specific beneficiaries if the property or fund charged with
any demonstrative disposition has not adeemed,  to  the  extent  of  the
value of such property or fund.
(5)  A  surviving  spouse  to  whom  a disposition has been made which
qualifies for the estate tax marital deduction.
(b) The order of liability provided in paragraph (a) shall  not  apply
to the liability for an estate or other death tax, under the law of this
state  or  of  any  other  jurisdiction,  with  respect  to any property
required to be included in the gross tax estate of a decedent under  the
provisions  of  any  such law. The apportionment of such estate or other
death  tax,  and  the  liability,  under  12-1.1,  of  distributees  and
testamentary beneficiaries consequent to such apportionment are governed
by the provisions of 2-1.8.
(c) The express or implied intention of the testator to prefer certain
beneficiaries  shall  be  effective  to  vary  the  order  of  liability
prescribed by paragraph (a).
(d) If, in an action under this article,  it  is  established  to  the
satisfaction of the court that:
(1)  The  defendant  is  liable for the payment of two or more claims,
preference in the payment of such claims must  be  given  in  the  order
prescribed  by  law  for  payment  of  the debts of the decedent and the
obligations of his estate.
(2) An unsatisfied claim exists which is legally preferred to that  of
the  plaintiff,  the existence of such unsatisfied claim is a defense to
the action if the aggregate value of the decedent's property passing  to
defendant  and  other  persons in his order of liability does not exceed
the amount of such unsatisfied claim; if in excess of the amount of such
unsatisfied claim, the plaintiff may recover such ratable share  of  the
excess  as the amount of his claim bears to the claims of all persons in
the same order of preference as his.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 12 - Actions by Creditors and Other Persons Against Distributees and Testamentary Beneficiaries › Part 1 - Liability of Distributees and Testamentary Beneficiaries and Action Thereon › 12-1.3 - Extent of Liability; Judgment Debtor's Right to Indemnity and Contribution

§ 12-1.3 Extent  of liability; judgment debtor's right to  indemnity and
contribution
(a) Although subject, under paragraph (a) of 12-1.1, to a judgment  in
the  full amount of the value of any property received by him, which may
exceed his ratable obligation as described herein, the maximum liability
to which a distributee or testamentary beneficiary is subject under this
article is his ratable obligation, in the proportion that the  value  of
the  decedent's  property  passing to him bears to the value of all such
property passing to distributees or beneficiaries, as the case  may  be,
within the same order of liability as his under paragraph (a) of 12-1.2.
(b) Any person against whom a judgment is obtained under this article,
upon payment thereof, is entitled:
(1)  To  be  indemnified by any person prior to liability to him under
paragraph (a) of 12-1.2, who  remains  liable  under  this  article  but
against  whom  recovery  was  not  available  for  a reason set forth in
subparagraph (b) (2) of 12-1.1.
(2) To contribution, for  any  sum  paid  in  excess  of  his  ratable
obligation  as  described  in  paragraph (a), from any person within the
same order of liability as his under paragraph (a) of 12-1.2,  but  only
to the extent that such person's ratable obligation is unpaid.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 12 - Actions by Creditors and Other Persons Against Distributees and Testamentary Beneficiaries › Part 2 - Rules Governing Action to Enforce Liability › 12-2.1 - Action Not Impaired by Failure of Creditor or Other Person to Present Claim to Representative as Prescribed by Law

§ 12-2.1 Action  not impaired by failure of creditor or other person  to
present claim to representative as prescribed by law
The failure of the plaintiff to present  his  claim  to  the  personal
  representative  as  prescribed  by  law  shall  not  impair his right to
  maintain an action against distributees  or  testamentary  beneficiaries
  under  this  article; but nothing contained herein shall extend the time
  limited for the commencement of an action to enforce plaintiff's claim.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 12 - Actions by Creditors and Other Persons Against Distributees and Testamentary Beneficiaries › Part 2 - Rules Governing Action to Enforce Liability › 12-2.2 - Action May Be Joint or Several; Right to Implead

§ 12-2.2 Action may be joint or several; right to implead
An action may be brought against one or more of the persons subject to
  liability  under  this  article.    A  person  against whom an action is
  brought may implead, pursuant to  the  provisions  of  CPLR  article  10
  governing  impleader,  any person who may be liable to him for indemnity
  or contribution under paragraph (b) of 12-1.3.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 12 - Actions by Creditors and Other Persons Against Distributees and Testamentary Beneficiaries › Part 2 - Rules Governing Action to Enforce Liability › 12-2.3 - Effect of Application to Surrogate to Sell Real Property

§ 12-2.3 Effect of application to surrogate to sell real property
If, during the pendency of an action to enforce a liability created by
  this  article  against  a  distributee  or  devisee  of real property, a
  proceeding is pending or is  subsequently  commenced  for  the  judicial
  settlement  of  the  account  of the personal representative, the action
  insofar as it affects any real property of the decedent shall be  stayed
  until  the accounting proceeding is concluded without an application for
  an order, under SCPA article 19, to dispose  of  real  property  of  the
  decedent  for  the  payment of debts, funeral or administration expenses
  having been made or, if made, without such an order having been granted.
  If such an order is granted, the action shall be  dismissed  as  to  the
  real  property  ordered  to be disposed of and the plaintiff remitted to
  the enforcement of his rights against the proceeds of the real  property
  held by the personal representative.  Nothing contained herein precludes
  a  person  from  asserting any right he may have under this article with
  respect to any other property of the decedent.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 12 - Actions by Creditors and Other Persons Against Distributees and Testamentary Beneficiaries › Part 2 - Rules Governing Action to Enforce Liability › 12-2.4 - Effect of Judgment

§ 12-2.4 Effect of judgment
A  judgment  recovered  in  an  action  brought  under this article is
  preferred, as a lien on any  property  of  the  decedent  passing  to  a
  defendant  against  whom  the  judgment  was  recovered,  to  a judgment
  obtained against such defendant on his personal obligation.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 12 - Actions by Creditors and Other Persons Against Distributees and Testamentary Beneficiaries › Part 2 - Rules Governing Action to Enforce Liability › 12-2.5 - Title of Bona Fide Purchaser From Distributee or Testamentary Beneficiary Protected

§ 12-2.5 Title  of  bona fide purchaser from distributee or testamentary
beneficiary protected
The entry and filing of a judgment recovered against a distributee  or
  testamentary  beneficiary  in  an action brought under this article does
  not affect the rights of a  prior  purchaser,  in  good  faith  and  for
  valuable  consideration,  from  such  distributee  or beneficiary of any
  property of the decedent  which  would  otherwise  be  subject  to  such
  judgment, unless, in the case of real property, a notice of pendency had
  been  filed  prior  to such purchase.   When the subsequent purchaser is
  protected, the judgment is enforceable against the  judgment  debtor  to
  the  extent  of the net proceeds received by him upon the disposition of
  the property.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 1 - Assets of Decedent's Estate › 13-1.1 - Certain Assets Considered Personal Property

§ 13-1.1 Certain assets considered personal property
(a)  For  purposes  of  the administration of an estate, the following
assets of the decedent are personal property  and  together  with  every
other species of personal property pass to the personal representative:
(1)  Estates for years in real property, estates from year to year and
estates which were held by the decedent for the life of another person.
(2) An estate for years in real property given to an executor for  the
payment of debts.
(3)  Trade fixtures which may be removed without impairing the support
of the structure to which they are annexed. All other  fixtures  annexed
to  land  or  structures do not pass to the personal representative, but
descend to the distributees or pass to the devisees.
(4) Crops growing on the land of the  decedent  at  the  time  of  his
death.
(5)  Every  kind  of  produce raised annually by labor or cultivation,
except growing grass and fruit ungathered.
(6) Rent reserved to the decedent which had accrued at the time of his
death.
(7) Debts secured by mortgages and moneys unpaid on contracts for  the
sale of lands.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 1 - Assets of Decedent's Estate › 13-1.2 - Assets; Debt Due From Executor to Testator; Effect of Discharge by Will

§ 13-1.2 Assets; debt due from executor to testator; effect of discharge
by will
The  designation by will of a person as executor does not operate as a
  discharge or testamentary  disposition  of  any  just  claim  which  the
  testator had against him, but such claim must be included as an asset of
  the  estate.   The executor is liable for the value of the claim when it
  becomes due, and he must apply and distribute the same in the course  of
  administering  the estate.  The discharge or disposition of such a claim
  or of a claim against any other person by will shall  be  treated  as  a
  specific  disposition  for purposes of 13-1.3.  Nothing contained herein
  precludes an executor from raising any defense to a claim by the  estate
  against  him  which  would be available to any other person against whom
  the estate has a claim.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 1 - Assets of Decedent's Estate › 13-1.4 - Action in Supreme Court to Compromise Controversies Between Claimants to Estate Assets

§ 13-1.4 Action  in  supreme  court  to compromise controversies between
claimants to estate assets
An action may  be  maintained  in  the  supreme  court  to  compromise
  controversies  between  claimants  to  the  property  of  an  estate  in
  accordance with and subject to the provisions of SCPA 2106.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 2 - Statute of Frauds Requirements › 13-2.1 - Agreements Involving a Contract to Establish a Trust, to Make a Testamentary Provision of Any Kind, and by a Personal Representative to Answer for The

§ 13-2.1 Agreements involving a contract to establish a trust, to make a
testamentary  provision  of  any  kind,  and  by  a  personal
representative to  answer  for  the  debt  or  default  of  a
decedent, required to be in writing
(a) Every agreement, promise or undertaking is unenforceable unless it
or  some  note or memorandum thereof is in writing and subscribed by the
party to  be  charged  therewith,  or  by  his  lawful  agent,  if  such
agreement, promise or undertaking:
(1) Is a contract to establish a trust.
(2) Is a contract to make a testamentary provision of any kind.
(3)  Is  a promise by a personal representative to answer for the debt
or default of his decedent.
(b) A contract to make a joint will, or not to revoke a joint will, if
executed after the effective date of this paragraph can  be  established
only  by an express statement in the will that the instrument is a joint
will and that the  provisions  thereof  are  intended  to  constitute  a
contract between the parties.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 2 - Statute of Frauds Requirements › 13-2.2 - Transfers and Mortgages of Interest in Decedents' Estates Required to Be in Writing and Recorded

§ 13-2.2 Transfers  and  mortgages  of  interest  in  decedents' estates
required to be in writing and recorded
(a) Every conveyance, assignment  or  other  transfer  of,  and  every
mortgage,  security  interest  in  or  other  charge  upon the interest,
situated in this state, of a person in the estate of a  decedent,  which
is  situated  in  this  state,  shall  be in writing and acknowledged or
proved in the manner prescribed by  the  laws  of  this  state  for  the
recording  of  a conveyance of real property. Any such instrument may be
recorded as hereinafter provided, and if not so  recorded,  it  is  void
against  any subsequent purchaser or mortgagee of such interest, in good
faith and for valuable consideration, whose conveyance  or  mortgage  is
first  duly  recorded.  If  such  interest  is  entirely in the personal
property of a decedent, the conveyance or mortgage may  be  recorded  in
the  office  of the surrogate granting letters on such decedent's estate
or, if no such letters have been granted, in the office of the surrogate
having jurisdiction to grant them. If a security  interest,  subject  to
article  9  of  the uniform commercial code, is created by a transaction
described in this paragraph, a financing statement  shall  be  filed  as
required by section 9--501 of such code. If such interest is in both the
personal and the real property of a decedent, the conveyance or mortgage
may be recorded in the office of such surrogate and in the office of the
recording  official of the county in which the real property is situated
and, if a security interest in personal property is created, a financing
statement shall be filed  in  accordance  with  section  9--401  of  the
uniform  commercial  code.  Such  a  conveyance  or  mortgage,  when  so
recorded, shall be indexed under the name of the decedent in a  book  to
be kept for that purpose by each recording officer.
(b)  Such  filing or recording shall not be notice of such conveyance,
assignment or other transfer of, or mortgage, security interest or other
charge upon the interest, situated in this state, of any person  in  the
estate  of  a  decedent so as to charge a personal representative of the
estate with liability for payment to a beneficiary of the estate, unless
and until he has received actual notice of any such  transfer,  mortgage
or other charge.
(c)  In  case  of a conflict between this section and article 9 of the
uniform commercial code, this section controls.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 3 - Miscellaneous Provisions › 13-3.1 - Rights of Payees in Non-Transferable United States Savings Bonds

§ 13-3.1 Rights  of  payees  in  non-transferable  United States savings
bonds
Where any United States  savings  bond  is  payable  to  a  designated
  person,  whether as owner, co-owner or beneficiary, and such bond is not
  transferable, the right of such person to receive payment  of  the  bond
  according  to  its  terms,  and  the ownership of the money so received,
  shall not be impaired  or  defeated  by  any  statute  or  rule  of  law
  governing the transfer of property by will, gift or intestacy, except as
  provided  in section 5-1.1-A; provided further that nothing herein shall
  limit article 10 of the debtor and creditor law or 2-1.8.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 3 - Miscellaneous Provisions › 13-3.4 - Payment or Delivery of Property to Foreign Fiduciaries

§ 13-3.4 Payment or delivery of property to foreign fiduciaries
(a)   Whenever   any  foreign  fiduciary,  by  whatever  title  he  is
designated, of the property  or  estate  of  a  non-domiciliary  infant,
incompetent  or  decedent  is  authorized,  by  the  laws of the foreign
jurisdiction where  the  infant  or  incompetent  is  domiciled  or  the
decedent  was  domiciled,  to  receive  any  personal  property  in  the
possession or control of any person or fiduciary  in  this  state,  such
person  or  fiduciary  may  pay  or deliver the property to such foreign
fiduciary without an order of the court, and the receipt and acquittance
from such foreign fiduciary is a sufficient release and discharge of the
person or fiduciary paying or delivering such property. For purposes  of
this  section  the  status  of  a person as an "infant" or "incompetent"
shall be determined by the law of his domicile.
(b) No person or  fiduciary  shall  be  released  and  discharged,  as
provided in paragraph (a), who:
(1)  Has received written notice of the appointment, in this state, of
a principal or ancillary representative of the property or estate, or of
the existence of creditors, in this state, of such  infant,  incompetent
or decedent.
(2)  In the case of a testamentary disposition or a distributive share
of a  decedent's  estate,  has  reason  to  believe  that  such  foreign
fiduciary  or the persons whom he represents would not have the benefit,
use or control of such disposition or distributive share.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 3 - Miscellaneous Provisions › 13-3.6 - Disaffirmance of Fraudulent Acts by Personal Representative and Others

§ 13-3.6 Disaffirmance of fraudulent acts by personal representative and
others
A  fiduciary may, for the benefit of creditors or others interested in
  property held in trust, treat as void any act done,  or  disposition  or
  agreement  made  in  fraud  of  the  rights  of  any creditor, including
  himself, interested in such property,  and  a  person  who  fraudulently
  receives,  takes  or  in  any  manner  interferes with the property of a
  deceased or insolvent person is liable to such fiduciary or  a  receiver
  for  such  property  or the value thereof, and for all damages caused by
  such act to the trust estate.    A  creditor  of  a  deceased  insolvent
  debtor,  having  a  claim against the estate of such debtor exceeding in
  amount the sum of one hundred dollars may, without obtaining a  judgment
  on  such  claim,  in  like  manner, for the benefit of himself and other
  creditors interested in such property, treat as void  any  act  done  or
  disposition  or  agreement  made  in  fraud  of creditors or maintain an
  action to set aside such act, disposition or agreement.  Such claim,  if
  disputed,  may  be  established  in  such action.   The judgment in such
  action may provide for  the  sale  of  the  property  involved,  when  a
  disposition  thereof  is  set aside, and for the payment of the proceeds
  thereof into  the  appropriate  surrogate's  court  to  be  administered
  according to law.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 13 - Other Provisions Affecting Estates › Part 4 - Transfer-on-Death Security Registration › 13-4.1 - Definitions

§ 13-4.1 Definitions
As used in this part unless the context otherwise requires:
(a)  "Beneficiary  form"  means  a  registration  of  a security which
indicates the present owner of the security and  the  intention  of  the
owner  regarding  the  person  who will become the owner of the security
upon the death of the owner.
(b) "Devisee" means any person to whom real property is transferred by
will.
(c) "Distributee" means any person entitled to take or  share  in  the
property  of  a  decedent  under  the  statutes  governing  descent  and
distribution.
(d) "Legatee" means any person designated to  receive  a  transfer  by
will of personal property.
(e)  "Person"  means  an individual, a corporation, an organization or
other legal entity.
(f)  "Personal  representative"  includes   executor,   administrator,
successor   personal  representative,  preliminary  executor,  temporary
administrator and persons who perform substantially  the  same  function
under the law governing their status.
(g)  "Property"  includes  both  real  and  personal  property  or any
interest  therein  and  means  anything  that  may  be  the  subject  of
ownership.
(h) "Register" including its derivatives, means to issue a certificate
showing  the  ownership of a certificated security or, in the case of an
uncertificated security, to initiate  or  transfer  an  account  showing
ownership of securities.
(i)  "Registering entity" means a person who originates or transfers a
security title  by  registration,  and  includes  a  broker  or  banking
institution, as defined in paragraph (b) of subdivision three of section
nine-f  of  the  banking law maintaining security accounts for customers
and a transfer agent or other person acting  for  or  as  an  issuer  of
securities.
(j)  "Security"  means  a  share,  participation  or other interest in
property, in a business or in an obligation of an  enterprise  or  other
issuer, and includes a certificated security, an uncertificated security
and a security account.
(k)  "Security  account"  means  (i) a reinvestment account associated
with  a  security,  a  securities  account  with  a  broker  or  banking
institution, as defined in paragraph (b) of subdivision three of section
nine-f  of  the  banking  law,  a cash balance in a brokerage account or
securities account, cash, interest, earnings,  or  dividends  earned  or
declared  on  a  security  in  an  account,  a reinvestment account or a
brokerage account, whether or not credited to  the  account  before  the
owner's death, or
(ii)  a cash balance or other property held for or due to the owner of
a security as a replacement for  or  product  of  an  account  security,
whether or not credited to the account before the owner's death.
(l)  "State"  includes any state of the United States, the District of
Columbia,  the  Commonwealth  of  Puerto  Rico,  and  any  territory  or
possession subject to the legislative authority of the United States.