02/27/2012 01:30 PM Senate JUDICIARY

        SB 165-PRINCIP.& INC/PROBATE/UTMA/RETIREMT/ETC.                                                                     
                                                                                                                                
1:34:00 PM                                                                                                                    
CHAIR FRENCH  announced the  consideration of  SB 165,  and asked                                                               
for a motion to adopt the version E committee substitute (CS).                                                                  
                                                                                                                                
SENATOR  WIELECHOWSKI moved  to adopt  the work  draft CS  for SB
, labeled 27-LS0819\E, as the working document.                                                                              
                                                                                                                                
SENATOR COGHILL objected to ask if  the CS was drafted to address                                                               
the issues that were discussed during the last hearing.                                                                         
                                                                                                                                
1:34:44 PM                                                                                                                    
At ease to locate paperwork.                                                                                                    
                                                                                                                                
1:34:53 PM                                                                                                                    
CHAIR FRENCH  reconvened the  hearing and  confirmed that  the CS                                                               
contained  the  three amendments  that  were  adopted during  the                                                               
previous hearing.                                                                                                               
                                                                                                                                
Amendment 1,  labeled 27-LS0819\D.1, inserted the  definition for                                                               
"settlor" in Sec.30  AS 21.42.020(e)(2) on page  31, lines 18-19.                                                               
Amendment   2,  labeled   27-LS0819\D.2,  revised   the  language                                                               
regarding custodial  accounts for minors  in Sec. 26-28  on pages                                                               
22-24.                                                                                                                          
Amendment 3, labeled 27-LS0819\D.3, added  Sec. 6-8 on pages 7-14                                                               
to  clarify  provisions  dealing with  modification  of  existing                                                               
trusts.                                                                                                                         
                                                                                                                                
SENATOR COGHILL  removed his objection  and version E  was before                                                               
the committee.                                                                                                                  
                                                                                                                                
1:35:59 PM                                                                                                                    
CHAIR FRENCH moved  to adopt Amendment 4 and  objected to explain                                                               
that it  cleared up the conflict  between the date of  a transfer                                                               
and the effective date of the Act.                                                                                              
                                                                                                                                
                          AMENDMENT 4                                                                                       
                                                                                                                                
    OFFERED IN THE SENATE                 BY SENATOR FRENCH                                                                     
     TO:  SB 165(JUD), Draft Version "E"                                                                                        
                                                                                                                                
     Page 35, following line 23:                                                                                                
     Insert a new subsection to read:                                                                                           
          "(c)  AS 13.46.190, as amended by sec. 26 of this                                                                     
     Act, AS 13.46.197, enacted by sec.  27 of this Act, and                                                                    
     AS 13.46.990(11), as  amended by  sec. 28 of  this Act,                                                                    
     apply to a  transfer that is made before,  on, or after                                                                    
      the effective date of this Act. In this subsection,                                                                       
     "transfer" has the meaning given in AS 13.46.990."                                                                         
                                                                                                                                
     Reletter the following subsection accordingly.                                                                             
                                                                                                                                
CHAIR  FRENCH removed  his objection  and announced  that without                                                               
further objection, Amendment 4 was adopted.                                                                                     
                                                                                                                                
He  noted that  the bill  was well  vetted by  attorneys in  both                                                               
Juneau and Anchorage. Although Linda  Hall with the Department of                                                               
Revenue indicated that  she may testify at a  future hearing, her                                                               
concerns were minor. He asked for a motion.                                                                                     
                                                                                                                                
1:37:53 PM                                                                                                                    
SENATOR WIELECHOWSKI moved  to report CS for SB  165, as amended,                                                               
from  committee  with  individual  recommendations  and  attached                                                               
fiscal note(s).                                                                                                                 
                                                                                                                                
CHAIR  FRENCH announced  that  without  objection, CSSB  165(JUD)                                                               
moved from the Senate Judiciary Standing Committee.