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2012 SESSION

• | print version

SB 11 Self-settled spendthrift trusts; created.

Introduced by: Richard H. Stuart | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Self-settled spendthrift trusts; creation of.  Provides for the creation of self-settled spendthrift trusts, which protect trust assets against the claims of a settlor who is also a trust beneficiary. This bill allows a settlor to transfer assets to an irrevocable trust to be held for the joint benefit of the settlor and at least one other beneficiary. Currently, a spendthrift clause is ineffective to shield the beneficiary from creditors when the beneficiary is also the settlor. Current law allows the creation of trusts that are protected from the claims of creditors against trust beneficiaries, and this bill extends that policy to trusts of which the settlor is also a discretionary beneficiary.

FULL TEXT

• 12/19/11  Senate: Prefiled and ordered printed; offered 01/11/12 12100829D  pdf
• 03/06/12  Senate: Bill text as passed Senate and House (SB11ER)  pdf
• 04/04/12  Governor: Acts of Assembly Chapter text (CHAP0555)  pdf

HISTORY

• 12/19/11  Senate: Prefiled and ordered printed; offered 01/11/12 12100829D
• 12/19/11  Senate: Referred to Committee for Courts of Justice
• 01/18/12  Senate: Reported from Courts of Justice (15-Y 0-N)
• 01/20/12  Senate: Constitutional reading dispensed (39-Y 0-N)
• 01/23/12  Senate: Read second time and engrossed
• 01/24/12  Senate: Read third time and passed Senate (40-Y 0-N)
• 02/13/12  House: Placed on Calendar
• 02/13/12  House: Read first time
• 02/13/12  House: Referred to Committee for Courts of Justice
• 02/16/12  House: Assigned Courts sub: #2 Civil
• 02/27/12  House: Subcommittee recommends reporting (9-Y 0-N)
• 02/27/12  House: Reported from Courts of Justice (18-Y 0-N)
• 02/29/12  House: Read second time
• 03/01/12  House: Read third time
• 03/01/12  House: Passed House BLOCK VOTE (99-Y 0-N)
• 03/01/12  House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
• 03/06/12  Senate: Enrolled
• 03/06/12  Senate: Bill text as passed Senate and House (SB11ER)
• 03/06/12  House: Signed by Speaker
• 03/08/12  Senate: Signed by President
• 04/04/12  Governor: Approved by Governor-Chapter 555 (effective 7/1/12)
• 04/04/12  Governor: Acts of Assembly Chapter text (CHAP0555)