2006 New York Code - Distributions In Kind By Executors And Trustees

 
  § 2-1.9 Distributions in kind by executors and trustees
    (a)   (1)   As used in this section, the terms "pecuniary disposition"
  and "transfer in trust of a  pecuniary  amount"  mean,  respectively,  a
  disposition  by will or a transfer under a trust agreement of a specific
  amount of  money,  which  amount  is  either  expressly  stated  in  the
  instrument  or determinable by means of a formula which is stated in the
  instrument.
    (2)   Whether a testamentary  disposition  or  transfer  in  trust  is
  pecuniary  or  fractional in character depends upon the intention of the
  creator.
    (b)  Unless the instrument expressly provides otherwise:
    (1)  Where a will or a trust  agreement  authorizes  the  executor  or
  trustee (hereinafter called the "fiduciary") to satisfy wholly or partly
  in  kind  a  pecuniary  disposition  or transfer in trust of a pecuniary
  amount, the assets selected by the fiduciary for that purpose  shall  be
  valued at their respective values on the dates of their distribution.
    (2)    Where  a  will or a trust agreement authorizes the fiduciary to
  satisfy wholly or partly in kind a pecuniary disposition or transfer  in
  trust of a pecuniary amount and the instrument requires the fiduciary to
  value the assets selected by the fiduciary for such distribution as of a
  date  other than the dates of their distribution, the assets selected by
  the fiduciary for that purpose,  together  with  any  cash  distributed,
  shall  have  an  aggregate  value  on  the  dates  of their distribution
  amounting to no less than, and to the extent practicable no  more  than,
  the  amount  of  such  testamentary  disposition or transfer in trust as
  stated in, or determined by the formula stated in, the instrument.
    (c)  This section applies to wills of decedents dying  before,  on  or
  after  its effective date and to trust agreements executed before, on or
  after such date, provided, however, that it shall not be applied  so  as
  to require repayment to the fiduciary of any distributions actually made
  prior to such date.