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SB 309 (BR 2223) - L. Casebier
AN ACT relating to trusts.
Create new section of KRS Chapter 287 to define "life beneficiary", "remainder beneficiary", "trust", and other terms; to empower a corporate trustee to extend the term of a portion or all of a trust; establish exclusions to the authority to extend the term; amend KRS 287.220 to exempt a bank or a trust company serving as a trustee of multiple trusts having one (1) or more common beneficiaries or remainder beneficiaries from obtaining court approval to execute its duties; establish that it is not a conflict of interest if all beneficiary or remainder beneficiaries of the trust are not identical.
SB 309 - AMENDMENTS
SCS - Create a new section of KRS Chapter 287 to define "life beneficiary", "remainder beneficiary", "trust", and other terms; to empower a corporate trustee to continue the term of a portion or all of a trust; to establish exclusions to the authority to continue the term; and to amend KRS 287.220 to exempt a bank or a trust company serving as a trustee of multiple trusts having one (1) or more common beneficiaries or remainder beneficiaries from obtaining court approval to execute its duties, and to establish that it is not a conflict of interest if all beneficiary or remainder beneficiaries of the trust are not identical.
HFA (1, B. Yonts) - Permit the continuation of a portion of a trust so long as the trust dictates but in no event longer than 100 years.
HFA (2, B. Yonts) - Permit a portion of a trust to continue so long as the trust dictates but in no event longer than 150 years.
HFA (3, G. Stumbo) - Create a new section of KRS Chapter 48 to permit the Governor to declare an emergency and administer the government of the Commonwealth with public funds not to exceed appropriations provided for the immediately preceding fiscal year if a general appropriations bill for the government is not enacted; restrict authorizations to a maximum of one fiscal year; require investment of revenues received in excess of appropriations.
HFA (4, G. Stumbo) - Create a new section of KRS Chapter 48 to permit the Chief to declare an emergency and administer the judicial branch of government of the Commonwealth with public funds not to exceed appropriations provided for the immediately preceding fiscal year if a general appropriations bill for the judicial branch is not enacted; permit the Legislative Research Commission to declare an emergency and administer the legislative branch of government with public funds not to exceed appropriations provided for the immediately preceding fiscal year if a general appropriations bill for the legislative branch is not enacted; restrict authorizations to a maximum of one fiscal year; require investment of revenues received in excess of appropriations.
HFA (5/Title, G. Stumbo) - Make title amendment.
HFA (6, G. Stumbo) - Create a new section of KRS Chapter 48 to permit the Chief to declare an emergency and administer the judicial branch of government of the Commonwealth with public funds not to exceed appropriations provided for the immediately preceding fiscal year if a general appropriations bill for the judicial branch is not enacted; permit the Legislative Research Commission to declare an emergency and administer the legislative branch of government with public funds not to exceed appropriations provided for the immediately preceding fiscal year if a general appropriations bill for the legislative branch is not enacted; restrict authorizations to a maximum of one fiscal year; require investment of revenues received in excess of appropriations.
Feb 23-introduced in Senate
Feb 25-to Judiciary (S)
Mar 8-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 9-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Friday, March 10, 2000
Mar 10-3rd reading, passed 30-6 with Committee Substitute
Mar 13-received in House
Mar 14-to Judiciary (H)
Mar 17-posting waived
Mar 22-reported favorably, 1st reading, to Calendar; floor amendments (1) and (2) filed
Mar 23-2nd reading, to Rules
Mar 27-posted for passage in the Regular Orders of the Day for Tuesday, March 28, 2000; floor amendments (1) and (2) withdrawn
Mar 29-floor amendments (3) (4) (5-title) and (6) filed ; 3rd reading, passed 96-0
Apr 11-received in Senate; enrolled, signed by each presiding officer, delivered to Governor
Apr 21-signed by Governor (Acts ch. 440)
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