N.Y. Estates, Powers and Trusts Law 13-3.4 – Payment or delivery of property to foreign fiduciaries
§ 13-3.4 Payment or delivery of property to foreign fiduciaries
Terms Used In N.Y. Estates, Powers and Trusts Law 13-3.4
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Personal property: All property that is not real property.
(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.