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2020 SESSION
SB 293 Financial institutions; multiple-fiduciary accounts.
Introduced by: A. Benton "Ben" Chafin | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Financial institutions; multiple-fiduciary accounts. Provides that financial institutions may enter into multiple-fiduciary accounts with more than one fiduciary to the same extent that they may enter into fiduciary accounts with one fiduciary. The measure defines "fiduciary account" as (i) an estate account for a decedent, (ii) an account established by one or more agents under a power of attorney or an existing account of a principal to which one or more agents under a power of attorney are added, (iii) an account established by one or more conservators, (iv) an account established by one or more committees, (v) a regular trust account under a testamentary trust or a trust agreement that has significance apart from the account, or (vi) an account arising from a fiduciary relationship such as an attorney-client relationship. The measure defines "multiple-fiduciary account" as a fiduciary account where more than one fiduciary is authorized to act. The measure also allows any multiple-fiduciary account to be paid, on request, to any one or more fiduciaries, including any successor fiduciary upon proof showing that the successor fiduciary is duly authorized to act, or at the direction of any one or more of the fiduciaries.
FULL TEXT
- 01/03/20 Senate: Prefiled and ordered printed; offered 01/08/20 20100127D pdf | impact statement
- 02/25/20 Senate: Bill text as passed Senate and House (SB293ER) pdf | impact statement
- 03/10/20 Governor: Acts of Assembly Chapter text (CHAP0259) pdf
HISTORY
- 01/03/20 Senate: Prefiled and ordered printed; offered 01/08/20 20100127D
- 01/03/20 Senate: Referred to Committee on Commerce and Labor
- 01/20/20 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 01/22/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/23/20 Senate: Read second time and engrossed
- 01/24/20 Senate: Read third time and passed Senate (39-Y 0-N)
- 02/13/20 House: Placed on Calendar
- 02/13/20 House: Read first time
- 02/13/20 House: Referred to Committee on Labor and Commerce
- 02/18/20 House: Reported from Labor and Commerce (21-Y 0-N)
- 02/20/20 House: Read second time
- 02/21/20 House: Read third time
- 02/21/20 House: Passed House BLOCK VOTE (98-Y 0-N)
- 02/21/20 House: VOTE: Block Vote Passage (98-Y 0-N)
- 02/25/20 Senate: Enrolled
- 02/25/20 Senate: Bill text as passed Senate and House (SB293ER)
- 02/25/20 House: Signed by Speaker
- 02/26/20 Senate: Signed by President
- 03/03/20 Senate: Enrolled Bill Communicated to Governor on February 3, 2020
- 03/03/20 Governor: Governor's Action Deadline 11:59 p.m., March 10, 2020
- 03/10/20 Governor: Approved by Governor-Chapter 259 (effective 7/1/20)
- 03/10/20 Governor: Acts of Assembly Chapter text (CHAP0259)