Legislature(2003 - 2004)
04/04/2003 01:10 PM House JUD
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HB 212 - POWERS OF APPOINTMENTS/TRUSTS/CREDITORS Number 0042 CHAIR McGUIRE announced that the first order of business would be HOUSE BILL NO. 212, "An Act relating to trusts, including trust protectors, trustee advisors, transfers of property in trust, and transfers of trust interests, and to creditors' claims against property subject to a power of appointment." [Before the committee was the proposed committee substitute (CS) for HB 212, Version 23-LS0471\I, Bannister, 4/1/03, which was adopted as the work draft and amended on 4/2/03.] Number 0096 REPRESENTATIVE SAMUELS moved to adopt the proposed committee substitute (CS) for HB 212, Version 23-LS0471\Q, Bannister, 4/4/03, as the work draft. There being no objection, Version Q was before the committee. Number 0129 REPRESENTATIVE GRUENBERG moved that the committee adopt Amendment 1, which read [original punctuation provided]: Page 5, Line 29 Before "affidavit", Delete "an" and Insert "a sworn" Number 0157 CHAIR McGUIRE noted that there were no objections. Therefore, Amendment 1 was adopted. Number 0170 CHAIR McGUIRE moved that the committee adopt Conceptual Amendment 2, which read [original punctuation provided]: Section 6. AS 34.40.110 page 6, line 15, add a new section to read: (8) the assets being transferred into the trust were not derived from unlawful activities. REPRESENTATIVE HOLM objected. REPRESENTATIVE GRUENBERG explained that Conceptual Amendment 2 [eliminates] laundered money. REPRESENTATIVE HOLM removed his objection. Number 0229 CHAIR McGUIRE noted that there were no further objections. Therefore, Conceptual Amendment 2 was adopted. Number 0239 REPRESENTATIVE SAMUELS moved to report the proposed committee substitute (CS) for HB 212, Version 23-LS0471\Q, Bannister, 4/4/03, as amended, out of committee with individual recommendations and the accompanying zero fiscal notes. REPRESENTATIVE GARA objected to ask if there would be any testimony today. CHAIR McGUIRE answered that she wasn't planning to hear testimony, however she indicated that if there is a specific question for someone she would allow that. The committee took an at-ease from 1:16 p.m. to 1:17 p.m. REPRESENTATIVE GARA surmised, then, that with the adoption of [Amendment 1], the bill would still meet the goal of making Alaska an attractive place for those entering into trusts. STEPHEN E. GREER, Attorney at Law, replied yes, and said that the affidavit is a nice addition to the current statute. REPRESENTATIVE GARA withdrew his objection. Number 0370 CHAIR McGUIRE, upon determining that there were no further objections, announced that CSHB 212(JUD) was reported from the House Judiciary Standing Committee.
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