Legislature(1993 - 1994)

03/02/1994 09:05 AM Senate STA

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
 CHAIRMAN LEMAN brings up HB 280 (UNIFORM CUSTODIAL TRUST ACT) as              
 the next order of business before the State Affairs Committee.  The           
 chairman calls Karen Brand to testify.                                        
 Number 100                                                                    
 KAREN BRAND, Aide to Representative Moses states a trust is defined           
 as the care and management of property.  Ms. Brand says there are             
 four important aspects of HB 280.  They are, one, the trust will be           
 inexpensive to create; two, they are simple to create; three, under           
 the HB 280, the control of the property remains with the owner                
 until the time the owner dies or becomes incapacitated; four, they            
 are comprehensive.                                                            
 Number 147                                                                    
 CHAIRMAN LEMAN asks if the present version of the UCTA (Uniform               
 Custodial Trust Act) is the same as the version in the last                   
 MS. BRAND replies it is slightly different from the version that              
 passed the house in the last legislature and was amended in Senate            
 Labor & Commerce Committee.                                                   
 The chairman calls Art Peterson to testify.                                   
 Number 166                                                                    
 ART PETERSON, Uniform Law Commissioner, National Conference of                
 Commissioners on Uniform State Laws states the version currently              
 before the legislature is the same as the version that passed the             
 house, before it was amended by the Senate Labor & Commerce                   
 Committee.  This bill is supported by the AARP (American                      
 Association of Retired Persons).  A custodial trust allows the                
 person establishing the trust to retain a control that they                   
 wouldn't otherwise have under normal trust creation.  The great               
 advantage of this type of trust is its' flexibility.  A trustee               
 cannot be forced to accept a trust.  There are also several rules             
 set out for proper management of trusts by trustees.                          
 SENATOR TAYLOR makes a motion to release HB 280 from the State                
 Affairs Committee with individual recommendations.                            
 CHAIRMAN LEMAN, hearing no objections, orders HB 280 released from            
 committee with individual recommendations.                                    

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