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Comments By the New York County Lawyers Association Estates and Trust Section on Legislation Proposed by NYSBA Trusts and Estates Law Section to Amend SCPA 1310
Comments By the New York County Lawyers Association Estates and Trust Section on Legislation Proposed by NYSBA Trusts and Estates Law Section to Amend SCPA §1310
The New York State Bar Association has requested comments on proposals to amend Section 1310 of the Surrogate’s Court Procedure Act to increase the use of the affidavit procedure for collecting certain assets of a decedent without administration (“Proposed Amendment”).
The Estates and Trusts Section (“Section”) of the New York County Lawyers Association approves the proposal. The revision of the nomenclature that the proposed amendment would affect is a laudable goal. We agree that the existing definition of a bank account as a “debt” and the account owner as a “creditor” is confusing and archaic.
We note that our Section discussed whether the amounts that could be collected using the affidavit procedure should be greater than the $15,000/$30,000 provided, but any limits provided in the statute would be arbitrary and concerns were not sufficiently strong to cause our Section to oppose the proposal.
We look forward to the adoption of the Proposed Amendment.