Full Text of HB4662 97th General Assembly
HB4662ham002 97TH GENERAL ASSEMBLY
Rep. Emily McAsey
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AMENDMENT TO HOUSE BILL 4662
AMENDMENT NO. ______. Amend House Bill 4662 by replacing
lines 17 through 26 of page 7 and lines 1 through 12 of page 8
with the following:
(e) Notice. An authorized trustee may exercise the power
to distribute in favor of a second trust under subsections (c)
and (d) without the consent of the settlor or the beneficiaries
of the first trust and without court approval if:
(1) there are one or more legally competent current
beneficiaries and one or more legally competent
presumptive remainder beneficiaries and the authorized
trustee sends written notice of the trustee's decision,
specifying the manner in which the trustee intends to
exercise the power and the prospective effective date for
the distribution, to all of the legally competent current
beneficiaries and presumptive remainder beneficiaries,
determined as of the date the notice is sent and assuming
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non-exercise of all powers of appointment; and
(2) no beneficiary to whom notice was sent objects to
the distribution in writing delivered to the trustee within
60 days after the notice is sent ("notice period").
A trustee is not required to provide a copy of the notice
to a beneficiary who is known to the trustee but who cannot be
located by the trustee after reasonable diligence or who is not
known to the trustee.
If a charity is a current beneficiary or presumptive
remainder beneficiary of the trust, the notice shall also be
given to the Attorney General's Charitable Trust Bureau.
on page 9 by replacing lines 2 through 5 with the following:
exercise of the trustee's powers. The trustee has the
burden of proving the proposed exercise of the power
furthers the purposes of the trust.
on page 9, line 24, by replacing "
" with "
lengthen its perpetuities period
on page 10 by replacing lines 25 and 26 with the following:
provision of applicable law, or a court order. In addition,
distribution of trust principal to a second trust may be made
by agreement between a trustee and all primary beneficiaries of
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a first trust, acting either individually or by their
respective representatives in accordance with Section 16.1 of
on page 16, line 9, by replacing "
" with "
the settlor of a first trust is not also the settlor of a
second trust, then the settlor of the first trust shall be
considered the settlor of the second trust, but only with
respect to the portion of second trust distributed from the
first trust in accordance with this Section
on page 17, line 5, by replacing "
" with "
Except for a
distribution of trust principal from a first trust to a second
trust made by agreement in accordance with Section 16.1 of this