Laws of New York (Last Updated: November 21, 2014) |
EPT Estates, Powers and Trusts |
Article 7. TRUSTS |
Part 5. BANK ACCOUNTS IN TRUST FORM |
Section 7-5.7. Multiple beneficiaries
Latest version.
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(a) Whenever any proceeds of a trust account would pass pursuant to section 7-5.2 to two or more beneficiaries, such proceeds shall pass to such beneficiaries in equal proportions, unless the terms of the trust provide otherwise. (b) Whenever any proceeds of a trust account would pass pursuant to section 7-5.2 to two or more beneficiaries, and one or more of the beneficiaries predeceases the depositor, such proceeds shall pass to the surviving beneficiary or beneficiaries in equal proportions, unless the terms of the trust provide otherwise.