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2022 SESSION

• | print version

HB 370 Uniform Fiduciary Income and Principal Act; replaces prior Act.

Introduced by: Richard C. "Rip" Sullivan, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Uniform Fiduciary Income and Principal Act. Codifies the Uniform Fiduciary Income and Principal Act, which replaces the prior uniform act to reflect modern trust investment practices in the allocation of principal and income. The bill provides procedures for trustees administering estates and gives them additional flexibility to administer discretionary trusts to ensure that the intention of the creator of the trust is accomplished. The bill includes provisions for converting a traditional trust into a "unitrust" to allow for total-return investing.

FULL TEXT

• 01/11/22  House: Prefiled and ordered printed; offered 01/12/22 22102105D  pdf | impact statement
• 02/23/22  House: Bill text as passed House and Senate (HB370ER)  pdf | impact statement
• 04/11/22  Governor: Acts of Assembly Chapter text (CHAP0354)  pdf

HISTORY

• 01/11/22  House: Prefiled and ordered printed; offered 01/12/22 22102105D
• 01/11/22  House: Referred to Committee for Courts of Justice
• 01/25/22  House: Assigned Courts sub: Subcommittee #2
• 01/26/22  House: Subcommittee recommends reporting (8-Y 0-N)
• 01/28/22  House: Reported from Courts of Justice (18-Y 0-N)
• 02/01/22  House: Read first time
• 02/02/22  House: Read second time and engrossed
• 02/03/22  House: Read third time and passed House Block Vote (99-Y 0-N)
• 02/03/22  House: VOTE: Block Vote Passage (99-Y 0-N)
• 02/03/22  House: Reconsideration of passage agreed to by House
• 02/03/22  House: Passed House (100-Y 0-N)
• 02/03/22  House: VOTE: Passage #2 (100-Y 0-N)
• 02/04/22  Senate: Constitutional reading dispensed
• 02/04/22  Senate: Referred to Committee on the Judiciary
• 02/16/22  Senate: Reported from Judiciary (14-Y 0-N)
• 02/18/22  Senate: Constitutional reading dispensed (38-Y 0-N)
• 02/21/22  Senate: Read third time
• 02/21/22  Senate: Passed Senate (40-Y 0-N)
• 02/23/22  House: Enrolled
• 02/23/22  House: Bill text as passed House and Senate (HB370ER)
• 02/23/22  House: Signed by Speaker
• 02/23/22  Senate: Signed by President
• 03/09/22  House: Enrolled Bill communicated to Governor on March 9, 2022
• 03/09/22  Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022
• 04/11/22  Governor: Approved by Governor-Chapter 354 (effective 7/1/22)
• 04/11/22  Governor: Acts of Assembly Chapter text (CHAP0354)