July 26, 2017
Stagg, Terenzi, Confusione & Wabnik Law
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FAX: (516) 812-4600

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Legal Primers

    STCW Law develops and presents Legal Primers on complex issues for businesses and corporate counsel. Please contact us regarding available materials or developing a Legal Primer specific to your needs.

    "The legal information provided herein is general and should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to your individual situation"

Accountings by Trustees in NYS Surrogate's Court

    An accounting is a detailed record of all actions taken by a trustee in the performance of its trust. "An essential element of a trust is accountability of the trustee for its administration. Once a valid trust is created accountability must inevitably follow as an incident." Matter of Miness v. Deegan, 971 N.Y.S.2d 72 (Sur. Ct. Nassau County 2013). Typically, courts require detailed schedules for all trustee acts during the life of the trust.

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The Issuance of a 1099-C and The Fair Credit Reporting Act

    There is no bright line rule regarding what should be reported on a consumer's credit report when a 1099-C is issued. Although the IRS has provided some guidance in various information letters, federal and state courts have interpreted the IRS guidance in different ways. Nationwide, courts differ as to whether issuing a 1099-C extinguishes a debt and prohibits a creditor from pursuing collection or reporting the debt. While it appears that the district and circuit courts are holding that the existence of a 1099-C form does not, alone, operate to distinguish a debt, some courts of limited jurisdiction have held that it is inequitable to allow a creditor to belatedly enforce the alleged debt after it received the tax benefit of the charge-off.

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Regulation X Disclosure Requirements

    The Real Estate Settlement Procedures Act ("RESPA"), commonly known as Regulation X, was enacted to effectuate changes in the settlement process for residential real estate. See generally 12 U.S.C. SS 2601 - 2617 (2012). Pursuant to RESPA, the Secretary of Housing and Urban Development has issued regulations that supplement the Act. See generally 24 C.F.R. SS 1024, 1026 (2013). RESPA requires, among other things (1) more effective advance disclosure to homebuyers and sellers of settlement costs; (2) the elimination of kickback or referral fees; (3) reducing the amount that homeowners are required to place in escrow to insure the payment of taxes and insurance; and (4) the reformation and modernization of local housekeeping of land title information. Simply put, RESPA requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process. The chart below contains important disclosure and timing information contained in RESPA.

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Distribution of Property Located in New York to Foreign Fiduciaries

    New York's Surrogate's Courts have jurisdiction over all property located within the State. See NY Surrogates Court Procedure Act ("SCPA") S 206. Under SCPA S 206(1), the Surrogate's Court of any county has jurisdiction over the estate of any nondomiciliary decedent who leaves property in the state. Proper venue for such proceedings is the county where the nondomiciliary decedent left property or where personal property belonging to the nondomiciliary decedent has since his/her death came into and remains unadministered.

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