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2015 SESSION

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SB 762 Tenancy by the entireties; property held in trust.

Introduced by: John S. Edwards | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Tenancy by the entireties; property held in trust. Clarifies that the proceeds of the sale of property held as tenants by the entireties in a trust retain the same immunity from a separate creditor of one spouse as is provided for the property itself. The bill also clarifies that property held in trust where both spouses are beneficiaries of one trust or where each spouse is a beneficiary of a separate trust and the two separate trusts together hold the entire property is a tenancy by the entireties, provided that the other requirements for such a tenancy are met. Finally, the bill clarifies that the creditor protection provided under current law may be waived. The provisions of this bill apply to any property of a husband and wife that is held by them as tenants by the entireties and conveyed to their joint revocable or irrevocable trusts, or to their separate revocable or irrevocable trusts, regardless of whether such conveyance occurred before or after the effective date of this bill.


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