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argues that "the executors of Ovide's Estate have failed
to honor Ovide's intent in administering his estate and
thereby have breached their fiduciary obligations.
Respondent posits that factual issues exist regarding the
executors' intention to deprive Honore of the beneficial
enjoyment required by the statute". Respondent further
asserts that the executors could have made an interim
accounting of Mr. de St. Aubin's estate but chose not to do
so. Respondent contends that such an interim accounting
would have exempted the estate from the application of the
amended version of EPTL section 11-2.1(k) but cites no
controlling authority. In addition, respondent states:
Petitioners appear to take the untenable position
that even if it is determined that those
administering Ovide's Estate breached their duty
to the income beneficiary, and that the Modern
Globe stock should have been converted or made
income producing at an earlier date, there is no
remedy available to the income beneficiary
because the amended statute applies.
We reject respondent's argument. The legislature
supplied a clear effective date for the amended statute.
Further, respondent concedes that New York does not require
interim accountings. In addition, respondent has presented
this Court with no precedent from New York or from any
other jurisdiction to support the argument that we may and
should supply an alternative effective date for the State
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