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2014 SESSION
SB 345 Trust directors; defenses to liability.
Introduced by: John S. Edwards | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Trust directors; defenses to liability. Clarifies that a trust director is liable for a breach of the trust director's fiduciary duty to the same extent a trustee would be liable for a breach of his fiduciary duty and that a trust director is able to assert defenses to liability on the same basis as a trustee serving under the governing instrument. The bill also provides that a term of a trust relieving a trust director of liability for breach of trust is unenforceable to the extent that it (i) relieves the trust director of liability for a breach of trust that was committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries or (ii) was inserted as a result of abuse by the trust director.
FULL TEXT
- 01/07/14 Senate: Prefiled and ordered printed; offered 01/08/14 14101704D pdf
- 03/06/14 Senate: Bill text as passed Senate and House (SB345ER) pdf
- 04/07/14 Governor: Acts of Assembly Chapter text (CHAP0749) pdf
AMENDMENTS
HISTORY
- 01/07/14 Senate: Prefiled and ordered printed; offered 01/08/14 14101704D
- 01/07/14 Senate: Referred to Committee for Courts of Justice
- 02/05/14 Senate: Reported from Courts of Justice (14-Y 0-N)
- 02/07/14 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/10/14 Senate: Read second time and engrossed
- 02/10/14 Senate: Constitutional reading dispensed (39-Y 0-N 1-A)
- 02/10/14 Senate: Passed Senate (40-Y 0-N)
- 02/12/14 House: Placed on Calendar
- 02/12/14 House: Read first time
- 02/12/14 House: Referred to Committee for Courts of Justice
- 02/14/14 House: Assigned Courts sub: Civil Law
- 02/24/14 House: Subcommittee recommends reporting with amendment(s) (10-Y 0-N)
- 02/26/14 House: Reported from Courts of Justice with amendment (21-Y 0-N)
- 02/28/14 House: Read second time
- 03/03/14 House: Read third time
- 03/03/14 House: Committee amendment agreed to
- 03/03/14 House: Engrossed by House as amended
- 03/03/14 House: Passed House with amendment BLOCK VOTE (94-Y 0-N)
- 03/03/14 House: VOTE: BLOCK VOTE PASSAGE (94-Y 0-N)
- 03/04/14 Senate: House amendment agreed to by Senate (40-Y 0-N)
- 03/06/14 Senate: Enrolled
- 03/06/14 Senate: Bill text as passed Senate and House (SB345ER)
- 03/06/14 House: Signed by Speaker
- 03/09/14 Senate: Signed by President
- 04/07/14 Governor: Approved by Governor-Chapter 749 (effective 7/1/14)
- 04/07/14 Governor: Acts of Assembly Chapter text (CHAP0749)