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1998 SESSION

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HB 489 Trustee's standard of judgment and care required.

Introduced by: William J. Howell | all patrons    ...    notes | add to my profiles

SUMMARY:

Trustee's standard of judgment and care required; authorized investments. Provides that a trustee under an irrevocable life insurance trust does not have a duty to (i) determine whether the policy is and remains a proper investment, (ii) dispose of such policy in order to diversify the investments of the trust, or (iii) exercise policy options under the contract not essential to the continuation of the policy . The bill does not otherwise affect the application of the standard of judgment and care of a fiduciary generally.

FULL TEXT

• 01/19/98  House: Presented & ordered printed 983827296  pdf
• 02/10/98  House: Printed as engrossed 983827296-E  pdf
• 03/16/98  House: Bill text as passed House and Senate (HB489ER)  pdf
• 04/08/98  Governor: Acts of Assembly Chapter text (CHAP0213)  pdf

AMENDMENTS

• House amendments

HISTORY

• 01/19/98  House: Presented & ordered printed 983827296
• 01/19/98  House: Referred to Committee for Courts of Justice
• 01/26/98  House: Assigned to C. J. sub-committee: 2
• 02/06/98  House: Reported from C. J. with amendments (23-Y 0-N)
• 02/09/98  House: Read first time
• 02/10/98  House: Read second time
• 02/10/98  House: Committee amendments agreed to
• 02/10/98  House: Engrossed by House as amended
• 02/10/98  House: Printed as engrossed 983827296-E
• 02/11/98  House: Read third time and passed House (Block Vote) (98-Y 0-N)
• 02/11/98  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
• 02/11/98  House: Communicated to Senate
• 02/12/98  Senate: Constitutional reading dispensed
• 02/12/98  Senate: Referred to Committee for Courts of Justice
• 02/18/98  Senate: Assigned to C. J. sub-committee: Civil & Property Law
• 02/25/98  Senate: Reported from Courts of Justice (12-Y 0-N 1-A)
• 02/26/98  Senate: Const. reading disp., passed by for the day (39-Y 0-N)
• 02/26/98  Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
• 02/27/98  Senate: Passed by for the day
• 03/02/98  Senate: Read third time
• 03/02/98  Senate: Passed Senate (39-Y 0-N)
• 03/02/98  Senate: VOTE: PASSAGE R (39-Y 0-N)
• 03/16/98  House: Bill text as passed House and Senate (HB489ER)
• 03/23/98  House: Enrolled
• 03/23/98  House: Signed by Speaker
• 03/25/98  Senate: Signed by President
• 04/02/98  Governor: Approved by Governor-Chapter 213 (effective 7/1/98)
• 04/08/98  Governor: Acts of Assembly Chapter text (CHAP0213)