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House Bill 104

Actions | Amendments
Last Action signed by Governor (Acts, ch. 121)
Title AN ACT relating to trusts and estates.
Bill Documents Bill
Bill Request Number 297
Sponsors T. Kerr, S. Santoro
Summary of Original Version Amend KRS 386B.10-050 to provide that a claim for breach of trust must be brought within five years of the act constituting the breach; amend KRS 386B.8-180 to provide that after notice is sent to a trust beneficiary or other qualified person relating to the distribution of the trust, the time for a written objection by the beneficiary or other qualified person is expanded; require that a trustee only proceed with the distribution of trust assets after the expiration of the time allowed for written objection; forbid a trustee from requesting that a beneficiary indemnify the trustee against loss in exchange for the trustee forgoing a request by the court to approve its accounts at the time the trust terminates or at the time the trustee is removed or resigns; amend KRS 413.120 and 413.130 to conform to changes; repeal KRS 413.340.
Index Headings of Original Version Courts - Uniform Trust Code, adoption of
Fiduciaries - Uniform Trust Code, adoption of
Taxation, Inheritance and Estate - Uniform Trust Code, adoption of
Uniform Laws - Uniform Trust Code, adoption of
Wills and Estates - Uniform Trust Code, adoption of
Banks and Financial Institutions - Uniform Trust Code, adoption of
Charitable Organizations and Institutions - Uniform Trust Code, adoption of
Civil Actions - Uniform Trust Code, adoption of
Civil Procedure - Uniform Trust Code, adoption of
Proposed Amendments House Committee Substitute 1
House Floor Amendment 1
Votes Vote History

Actions

Top | Amendments
12/12/14
  • Prefiled by the sponsor(s).
01/06/15
  • introduced in House
  • to Judiciary (H)
02/23/15
  • posted in committee
02/25/15
  • reported favorably, 1st reading, to Calendar with Committee Substitute
02/26/15
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Friday, February 27, 2015
  • floor amendment (1) filed to Committee Substitute
02/27/15
  • 3rd reading, passed 92-0 with Committee Substitute, floor amendment (1)
03/02/15
  • received in Senate
03/03/15
  • to Judiciary (S)
03/09/15
  • reported favorably, 1st reading, to Consent Calendar
03/10/15
  • 2nd reading, to Rules
03/11/15
  • posted for passage in the Consent Orders of the Day for Wednesday, March 11, 2015
  • passed over and retained in the Consent Orders of the Day
03/23/15
  • 3rd reading, passed 37-0
03/24/15
  • received in House
  • enrolled, signed by each presiding officer
  • delivered to Governor
04/03/15
  • signed by Governor (Acts, ch. 121)

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Summary Amend KRS 386B.10-050 to provide that a claim for breach of trust must be brought within five years of discovery of injury by the trustee to the rights of the beneficiary; amend KRS 386B.8-180 to allow that a trustee may elect to proceed under this section for distribution of trust assets upon termination of the trust or upon the removal or resignation of a trustee; require that if a trustee proceeds under this section, he or she must notify the beneficiary or other qualified person and provide specific documentation relating to the trust assets and accounting, provide that a beneficiary has forty-five days from the date the notice is sent to proffer a written objection to the trustee relating to the distribution of assets upon termination of the trust, allow that a trustee may request a resolution of the beneficiary’s objections with the court or enter into an agreement with the beneficiary, allow that the agreement between parties may contain an indemnity or release clause as to the beneficiary against the trustee, enumerate that upon the resolution of the beneficiary’s objection, the trustee will proceed with the distribution of the trust assets, enumerate that if a trust is distributed upon termination pursuant to this section any person who consented or did not object per the requirements of this section is barred from bringing a claim against the trustee for breach of trust or the validity of the trust; Amend KRS 413.120 and 413.130 to conform to changes; Repeal KRS 413.340.
Index Headings Courts - Uniform Trust Code, adoption of
Fiduciaries - Uniform Trust Code, adoption of
Taxation, Inheritance and Estate - Uniform Trust Code, adoption of
Uniform Laws - Uniform Trust Code, adoption of
Wills and Estates - Uniform Trust Code, adoption of
Banks and Financial Institutions - Uniform Trust Code, adoption of
Charitable Organizations and Institutions - Uniform Trust Code, adoption of
Civil Actions - Uniform Trust Code, adoption of
Civil Procedure - Uniform Trust Code, adoption of

Amendment House Floor Amendment 1
Sponsor T. Kerr
Summary Amend to replace "the trust pursuant to this section" with "the trustee's final account".
Index Headings Courts - Uniform Trust Code, adoption of
Fiduciaries - Uniform Trust Code, adoption of
Taxation, Inheritance and Estate - Uniform Trust Code, adoption of
Uniform Laws - Uniform Trust Code, adoption of
Wills and Estates - Uniform Trust Code, adoption of
Banks and Financial Institutions - Uniform Trust Code, adoption of
Charitable Organizations and Institutions - Uniform Trust Code, adoption of
Civil Actions - Uniform Trust Code, adoption of
Civil Procedure - Uniform Trust Code, adoption of

Last updated: 1/16/2019 3:10 PM (EST)