Rep. Emily McAsey

Filed: 3/26/2012

 

 


 

 


 
09700HB4663ham002LRB097 14226 JLS 67959 a

1
AMENDMENT TO HOUSE BILL 4663

2    AMENDMENT NO. ______. Amend House Bill 4663 on page 6 by
3replacing lines 15 through 25 with the following:
 
4    "If a charity is a current beneficiary or a presumptive
5remainder beneficiary of the trust, a trust protector must give
6notice to the Attorney General's Charitable Trust Bureau at
7least 60 days before taking any of the actions authorized under
8item (2), (3), (4), (5), or (6) of this subsection. The
9Attorney General's Charitable Trust Bureau may, however, waive
10this notice requirement.
11    (e) Duty and liability of directing party. A directing
12party is a fiduciary of the trust subject to the same duties
13and standards applicable to a trustee of a trust as provided by
14applicable law unless the governing instrument provides
15otherwise, but the governing instrument may not, however,
16relieve or exonerate a directing party from the duty to act or
17withhold acting as the directing party in good faith reasonably

 

 

09700HB4663ham002- 2 -LRB097 14226 JLS 67959 a

1believes is in the best interests of the trust."; and
 
2on page 8 by replacing lines 11 through 15 with the following:
 
3    "the role or responsibilities of a directing party, or if
4    the excluded party appoints a directing party or successor
5    to a directing party, then the excluded fiduciary shall
6    also assume the same fiduciary and other duties and
7    standards that applied to such directing party.".