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2015 SESSION

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HB 1798 Fiduciary; qualification without security, issuance of certificates of qualification.

Introduced by: Barry D. Knight | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Qualification of fiduciary without security; issuance of certificates of qualification; payments. Sets out the requirements for the certificates of qualification issued by the court or clerk where the amount does not exceed $25,000. The bill also sets out the procedure for payments made to the named fiduciary of any asset belonging to or owed to the specified deceased or incapacitated person or minor and provides that assets held in a safe deposit box are not counted toward the $25,000 limit. The bill further provides that the clerk shall not be liable for any misrepresentations of a fiduciary with regard to whether the estate qualifies for the small asset estate exemption or for the performance of any of the clerk's duties with regard to issuing certificates of qualification except in the case of the clerk's gross negligence or intentional misconduct.

SUMMARY AS PASSED HOUSE:

Qualification of fiduciary without security; issuance of certificates of qualification; payments. Sets out the requirements for the certificates of qualification issued by the court or clerk where the amount does not exceed $25,000. The bill also sets out the procedure for payments made to the named fiduciary of any asset belonging to or owed to the specified deceased or incapacitated person or minor and provides that assets held in a safe deposit box are not counted toward the $25,000 limit.

SUMMARY AS INTRODUCED:

Qualification of fiduciary without security; issuance of certificates of qualification; payments. Provides that the $25,000 maximum amount for which a fiduciary may qualify without security must consist solely of cash. The bill also sets out the requirements for the certificates of qualification issued by the court or clerk where the amount does not exceed $25,000 and consists of cash. Finally, the bill sets out requirements for payments made to the named fiduciary of any cash asset belonging to or owed to the specified deceased or incapacitated person or minor.