New York’s Fiduciary Access to Digital Assets Act
On September 29, 2016, a bill was signed into law by Governor Cuomo adding Article 13-A to the New York Estates Powers and Trust Law (the “EPTL”). This legislation is the New York version of the “Uniform Fiduciary Access to Digital Assets Act” (the “Act”) which nineteen (19) other states have also enacted into law. The sponsor’s Memorandum in support of the Act explains its purpose this way:
“[t]he wide use of digital assets has created an urgent need for legislation dealing with the administration of these assets upon the death or incapacity of the user. As a practical matter, there should be no difference between a fiduciary's ability to gain access to information from an online bank or other Internet-based business and the fiduciary's ability to gain access to information from a business with a brick and mortar building. This measure would amend the EPTL to restore control of the disposition of digital assets back to the individual and removes such power from the service provider.”
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