Legislature(2021 - 2022)BUTROVICH 205
05/10/2021 01:30 PM Senate JUDICIARY
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| Audio | Topic |
|---|---|
| Start | |
| SB11 | |
| SB31 | |
| SB7 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 11 | TELECONFERENCED | |
| + | SB 7 | TELECONFERENCED | |
| + | SB 31 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| += | HB 109 | TELECONFERENCED | |
| += | SJR 6 | TELECONFERENCED | |
SB 11-COMMUNITY PROPERTY TRUSTS
1:32:50 PM
CHAIR HOLLAND announced the consideration of SENATE BILL NO. 11,
"An Act relating to community property and to community property
trusts; and providing for an effective date."
[SB 11 was heard on 5/5/21; public testimony was opened and
closed. This is the second hearing on the bill.]
1:33:11 PM
SENATOR KIEHL moved to adopt Amendment 1, [work order 32-
LS0132\I.1]:
32-LS0132\I.1
Bannister
5/8/21
AMENDMENT 1
OFFERED IN THE SENATE BY SENATOR KIEHL
TO: SB 11
Page 2, line 2:
Delete "(1)"
Page 2, lines 3 - 4:
Delete "; or
(2) a right accrued before the effective
date of sec. 1 of this Act"
CHAIR HOLLAND objected for discussion purposes.
1:33:22 PM
SENATOR KIEHL explained that Amendment 1 would remove one-half
of the savings clause. As previously discussed in committee and
with the sponsor, this amendment will achieve the sponsor's
intent. This will retroactively bring the bill back to the first
community property trust. It will not create any unintended
consequences related to property rights accrued because Alaska
does not have any community property rights.
CHAIR HOLLAND removed his objection.
1:34:44 PM
SENATOR TOM BEGICH, Alaska State Legislature, Juneau, Alaska,
speaking as sponsor of SB 11, summarized that the bill will
clarify 1998 language that created community property trust
options. A recent court decision created ambiguity in the law.
This law intended that appreciation would be considered in the
value of the community property trust. Amendment 1 is consistent
with that interpretation of the law. No rights would have
accrued prior to 1998 because Alaska did not have community
property law. He offered his support for Amendment 1.
SENATOR HUGHES asked Mr. Blattmachr to speak to Amendment 1.
1:36:12 PM
MATTHEW BLATTMACHR, Attorney; President & Chief Executive
Officer, Peak Trust Company, Anchorage, Alaska, responded that
he reviewed Amendment 1 with the bill drafters. No one has any
concerns, he said. He stated Amendment 1 will provide additional
clarity in terms of community property rights.
1:36:55 PM
SENATOR SHOWER asked for clarification on the fiscal note.
SENATOR BEGICH explained that there is no fiscal note because SB
11 does not impact the state. SB 11 provides clarifying language
to a statute that has been in effect for 22 years. There will be
a zero fiscal note, he added.
CHAIR HOLLAND asked if there were any further comments or
objections.
There being no further objection, Amendment 1 was adopted.
1:38:11 PM
SENATOR SHOWER moved to report SB 11, Version I, as amended,
from committee with individual recommendations and attached
fiscal note(s). There being no objection, CSSB 11 (JUD) was
reported from the Senate Judiciary Standing Committee.
| Document Name | Date/Time | Subjects |
|---|---|---|
| SB 11 Legal Memo.pdf |
SJUD 5/10/2021 1:30:00 PM |
SB 11 |