04/05/2013 01:30 PM Senate JUDICIARY

          SB  65-RETIREMENT PLANS; ROTH IRAS; PROBATE                                                                       
                                                                                                                                
1:36:43 PM                                                                                                                    
CHAIR  COGHILL announced  the  consideration of  SB  65. "An  Act                                                               
relating to property exemptions  for retirement plans, individual                                                               
retirement  accounts, and  Roth  IRAs; relating  to transfers  of                                                               
individual retirement  plans; relating to the  rights of judgment                                                               
creditors of members of limited  liability companies and partners                                                               
of  limited  liability  partnerships;  relating  to  the  Uniform                                                               
Probate  Code,   including  pleadings,  orders,   liability,  and                                                               
notices under the  Uniform Probate Code and  the Alaska Principal                                                               
and Income  Act, the  appointment of  trust property,  the Alaska                                                               
Uniform Prudent Investor Act,  co-trustees, trust protectors, and                                                               
trust advisors; relating to the  Alaska Principal and Income Act;                                                               
relating to the Alaska Uniform  Transfers to Minors Act; relating                                                               
to  the  disposition  of human  remains;  relating  to  insurable                                                               
interests   for   certain   insurance   policies;   relating   to                                                               
restrictions  on  transfers  of   trust  interests;  relating  to                                                               
discretionary interests  in irrevocable  trusts; relating  to the                                                               
community  property of  married  persons; and  amending Rule  64,                                                               
Alaska Rules  of Civil Procedure,  and Rule 301(a),  Alaska Rules                                                               
of Evidence."                                                                                                                   
                                                                                                                                
1:37:06 PM                                                                                                                    
SENATOR WIELECHOWSKI moved Amendment 1.                                                                                         
                                                                                                                                
                          AMENDMENT 1                                                                                       
                                                                                                                                
     OFFERED IN THE SENATE                                                                                                      
     TO:  CSSB 65(  ), Draft Version "O"                                                                                        
                                                                                                                                
     Page 38, line 7:                                                                                                           
          Delete "$two [FOUR]"                                                                                              
          Insert "four"                                                                                                         
                                                                                                                                
     Page 38, line 8:                                                                                                           
          Delete "six months ONE YEAR]"                                                                                     
          Insert "$1,000"                                                                                                   
                                                                                                                                
     Page 38, line 16:                                                                                                          
          Delete "$two [FOUR]"                                                                                              
          Insert "four"                                                                                                         
                                                                                                                                
     Page 38, line 19:                                                                                                          
          Delete "$two [FOUR]"                                                                                              
          Insert "four"                                                                                                         
                                                                                                                                
CHAIR COGHILL objected for an explanation.                                                                                      
                                                                                                                                
SENATOR  WIELECHOWSKI explained  that  the  amendment relates  to                                                               
fraudulent transfers in Section 40.  The bill reduces the statute                                                               
of limitations  regarding fraudulent  transfers from four  to two                                                               
years  and  one year  to  six  months.  The amendment  keeps  the                                                               
language in current statute.                                                                                                    
                                                                                                                                
CHAIR  COGHILL explained  that the  lower statute  of limitations                                                               
was consistent  with the nationwide  trend, but he  supported the                                                               
amendment as a matter of consumer protection.                                                                                   
                                                                                                                                
1:38:35 PM                                                                                                                    
CHAIR COGHILL removed his objection and Amendment 1 was adopted.                                                                
                                                                                                                                
1:38:59 PM                                                                                                                    
SENATOR DYSON moved  to report SB 65, as  amended, from committee                                                               
with individual recommendations and attached fiscal note(s).                                                                    
                                                                                                                                
CHAIR COGHILL found no objection  and announced that CSSB 65(JUD)                                                               
moved from the Senate Judiciary Standing Committee.