BILL NUMBER: S8425
SPONSOR: SKOUFIS
 
TITLE OF BILL:
An act to amend the agriculture and markets law, in relation to estab-
lishing a process for designating transfer-on-death beneficiaries for
farming implements
 
PURPOSE:
To establish a process called 'transfer-on-death beneficiaries' for
transferral of farm implements upon the death of the owner.
 
SUMMARY OF PROVISIONS:
Section 1: Article 30 and several sections (550 to 555) of the agricul-
ture and markets law are renumbered as article 50 and sections 1000 to
1005, respectively.
Section 2: Adds a new Article 30, 'Transfer-on-Death of Farming Imple-
ments.' Introduces the concept of 'Transfer-on-death beneficiary,' which
is a person designated to receive farm implements upon the death of the
owner.
Specifies the process for designating a 'transfer-on-death beneficiary'
including the required document filing with the commissioner.
Section 3: Sets the effective date.
 
JUSTIFICATION:
This bill ensures a smoother transition of ownership of farm implements,
simplifying the administrative tasks and reducing the need for a poten-
tially timely and costly probate.
 
LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
The first day of January after it shall have become a law.