BILL NUMBER: S3277
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 owner's death.
 
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 a 'Transfer-on-death beneficiary,' a
person designated to receive farm implements upon the owner's death.
Specifies the process for designating a 'transfer-on-death beneficiary,'
including the required document filing with the commissioner.
Section 3: Sets Effective date.
 
JUSTIFICATION:
This bill ensures a smoother transition of ownership of farm implements,
simplifies administrative tasks, and reduces the need for potentially
timely and costly probate.
 
LEGISLATIVE HISTORY:
Senate
2023: N/A
2024: S8425, Advanced to Third Reading
Assembly
2023: N/A
2024: A10433, Referred to Agriculture
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law. Effective immediately, the
addition, amendment and/or repeal of any rule or regulation necessary
for the implementation of this act on its effective date are authorized
to be made and completed on or before such effective date.