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STATUTORY DOCTRINE OF EQUITABLE DEVIATION ALLOWED CHURCHES TO DEVIATE FROM THE TERMS OF CHARITABLE TRUSTS TO SEEK A LARGER RETURN ON INVESTMENTS.

The Third Department, reversing Surrogate’s Court, determined petitioners, three churches which were beneficiaries of charitable trusts, were entitled to equitable deviation from the terms of the trusts. The trusts required the assets be held in insured bank accounts. Because bank accounts have generated low interest for many years, the churches sought to deviate from the terms of the trusts and make investments in accordance with the Prudent Investor Act (EPTL 11-2.3):

 

EPTL 8-1.1 (c) embodies “New York’s statutory articulation of cy pres and equitable deviation” … . Equitable deviation involves altering or amending an administrative provision, whereas cy pres effects a substantive change … . Thus, equitable deviation may be appropriate where cy pres is not because an administrative change can be made without altering the purpose of the trust or changing its disposition provisions … . Some cases addressing common-law equitable deviation required an unforeseen change in circumstances … , whereas the statutory provision applicable to charitable trusts does not require the change to be unforeseen … . The statute provides that “whenever it appears to [Surrogate’s Court] that circumstances have so changed since the execution of an instrument making a disposition for religious . . . purposes as to render impracticable or impossible a literal compliance with the terms of such disposition, the court may, on application . . . make an order or decree directing that such disposition be administered and applied in such a manner as in the judgment of the court will most effectively accomplish its general purposes, free from any specific restriction, limitation or direction contained therein” … . Matter of Chamberlin, 2016 NY Slip Op 00087, 3rd Dept 1-7-16

 

TRUSTS AND ESTATES (EQUITABLE DEVIATION ALLOWED CHURCHES TO SEEK A LARGER RETURN ON INVESTMENTS FROM CHARITABLE TRUSTS)/CHARITABLE TRUSTS (EQUITABLE DEVIATION ALLOWED CHURCHES TO SEEK A LARGER RETURN ON INVESTMENTS)/EQUITABLE DEVIATION (DOCTRINE OF EQUITABLE DEVIATION ALLOWED CHURCHES TO SEEK A LARGER RETURN ON INVESTMENTS)

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