Legislature(1999 - 2000)

03/15/2000 11:20 AM RLS

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
txt
                   SB 163-TRUSTS AND TRUSTEES                                                                                   
                                                                                                                                
MS. SUE MOSSGROVE, Legislative Staff to Senator Robin Taylor,                                                                   
stated SB 163 was amended before moving out of the Judiciary                                                                    
committee.  The Division of Legal Services stated the amendment                                                                 
changed the intent of SB 163 so a CS for SB 163 was drafted.                                                                    
                                                                                                                                
SENATOR ELLIS asked if Senator Taylor was "cleaning up" past trust                                                              
legislation, and whether the intent of CSSB 163 is to conceal a                                                                 
trust account from a child.                                                                                                     
                                                                                                                                
MS. MOSSGROVE stated yes, CSSB 163(RLS) was drafted so that the                                                                 
existence of a trust could be concealed from a minor so that minors                                                             
receiving trusts in the future lead productive lives and not rely                                                               
on the trust account.                                                                                                           
                                                                                                                                
SENATOR ELLIS asked if CS for SB 163(RLS) gives trustee's the                                                                   
option of telling one beneficiary and concealing from another                                                                   
beneficiary.                                                                                                                    
                                                                                                                                
MS. MOSSGROVE stated CS for SB 163(RLS) relieves the trustee from                                                               
the duty to provide notification of a trust account.                                                                            
                                                                                                                                
SENATOR LEMAN moved to adopt the Rules CS for SB 163 as the working                                                             
version of the committee.  Without objection, the motion carried.                                                               
                                                                                                                                
SENATOR LEMAN moved all versions of SB 163 with individual                                                                      
recommendations and accompanying fiscal notes for calendaring at                                                                
the Chairman's discretion.  Without objection, the motion carried.                                                              

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