Fasano v. Digiacomo

4 Citing cases

  1. SETTLEMENT FUNDING v. AXA EQUITABLE LIFE INSURANCE CO

    06 CV 5743 (HB) (S.D.N.Y. Sep. 30, 2010)   Cited 6 times

    These strict requirements were imposed in 1997 in recognition that adherence to formality "reduces substantially the potential for foul play." Fasano v. DiGiacomo, 49 A.D.3d 683, 685 (2d Dept. 2008) (quoting Senate Introducer Mem. in Support, Bill Jacket, L. 1997, ch. 139, at 8). If the formalities are not observed, a valid trust is not formed, and subsequent transactions entered into by the invalid trust may be declared null and void.

  2. Geltzer v. Balgobin (In re Balgobin)

    490 B.R. 13 (Bankr. E.D.N.Y. 2013)   Cited 8 times
    Reviewing constructive trust cases within the Second Circuit and elsewhere

    The New York legislature established formal requirements for lifetime trusts in 1997, including that a lifetime trust in personal property be in writing. See Fasano v. DiGiacomo, 49 A.D.3d 683, 853 N.Y.S.2d 657, 659 (2d Dep't 2008) ( citing Practice Commentaries to EPTL 7–1.17); see alsoRestatement (Third) of Trusts § 20 (2003). In affidavits submitted in support of the motion to impose a constructive trust, the Debtor and Defendant allege that the Defendant “allowed” title to the Vehicle to be in the Debtor's name “on [the] basis of a relationship of trust and confidence,” and that Defendant “fully performed his end of the agreement, having made ALL payments for the purchase of the Vehicle and having fully paid the Note on the Vehicle.”

  3. In re Duerr

    2016 N.Y. Slip Op. 31863 (N.Y. Surr. Ct. 2016)   Cited 1 times

    DiscussionThe Attorney General is correct that, in New York, determinations concerning the scope of authority and the procedure to amend or revoke a trust are governed by the terms of the trust indenture and state law (see Matter of Goetz, NYLJ, Aug 2, 2005, at 1, col 1 [Sur Ct, Westchester County]). The statutory provisions addressed by the parties on the instant application, EPTL 7-1.16 and 7-1.17, were enacted in 1997, along with several other sections relating to lifetime trusts (L 1997, ch 139). Prompted by the increased use of lifetime trusts in estate planning, the Legislature recognized that "[s]ome degree of formality helps the parties involved realize the serious nature of the instrument being executed and reduces substantially the potential for foul play" (Senate Introducer Mem in Support, Bill Jacket, 1997 Senate Bill 4223; Fasano vDiGiacomo, 49 AD3d 683 [2d Dept 2008]). Pursuant to EPTL 7-1.17, "[a]ny amendment or revocation authorized by the trust shall be in writing and executed by the person authorized to amend or revoke, and except as otherwise provided in the governing instrument, shall be acknowledged or witnessed in the same manner required [to execute the trust]" (EPTL 7-1.17[b]).

  4. Grehan v. Nat'l Asset Loan Mgmt. Ltd.

    2014 N.Y. Slip Op. 31131 (N.Y. Sup. Ct. 2014)   Cited 1 times

    A lifetime trust must be in writing; be executed by the person establishing the trust and by at least one trustee, unless the grantor is the sole trustee; and be acknowledged in the manner required for recording a conveyance of real property or be executed in the presence of two witnesses who sign the trust instrument. N.Y. Est. Powers & Trusts Law § 7-1.17(a); Fasano v. DiGiacomo, 49 A.D.3d 683, 684-85 (2d Dep't 2008); Will of D'Elia, 40 Misc. 3d 355, 360 (Surr. Ct. N.Y. Co. 2013).