There is a newer version
of
the New York Laws
2017 New York Laws
EPT - Estates, Powers & Trusts
Article 7 - Trusts
Part 5 - Bank Accounts in Trust Form
7-5.7 - Multiple Beneficiaries.
Universal Citation: NY Est Pow & Trusts L § 7-5.7 (2017)
7-5.7 Multiple beneficiaries(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.
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