House Bill 154

Actions | Amendments
Last Action 03/27/20: signed by Governor (Acts ch. 41)
Title AN ACT relating to grants of legal authority by individuals.
Bill Documents Current
Introduced
Bill Request Number 1001
Sponsors C. Massey, K. Banta
Summary of Original Version Establish KRS Chapter 390 and create new sections thereof to define various terms; specify the governing law over a power of appointment; state that common law supplements this chapter; outline the creation of a power of appointment; prohibit the transfer of a power of appointment; specify general presumptions upon a power of appointment's creation; make an exception to the general presumption about a power of appointment; define "adverse party"; allow a donor to revoke or amend a power of appointment in certain instances; state when a power of appointment may be exercised; provide that a residuary clause manifests a powerholder's intent to exercise a power of appointment; state that a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; require substantial compliance with a formal requirement of appointment; outline permissible appointments; provide that appointment to a deceased appointee is ineffective and appointment to an impermissible appointee is ineffective; require a powerholder's intent to be carried out in cases of selective allocation; establish the procedure for disposition of property ineffectively appointed; provide for the disposition of unappointed property under released or unexercised general power; provide for the disposition of unappointed property under released or unexercised nongeneral power; provide for the disposition of unappointed property if partial appointment is to the taker in default; provide for the disposition of property appointed to the taker in default; allow a powerholder to revoke or amend an exercise; allow a powerholder to disclaim a power of appointment or contract to appoint or not appoint any property subject to the power; allow a powerholder to release a power of appointment; state the method in which a powerholder may release a power of appointment; allow a powerholder to revoke or amend a release of power; allow a powerholder of a presently exercisable power of appointment and a not presently exercisable power of appointment to contract; establish a remedy for a powerholder's breach of a contract to appoint or not to appoint appointive property; outline the rights of a powerholder's creditors in appointive property; state when appointive property is subject to a claim when the power is general; state when appointive property is subject to a claim when the power is nongeneral; require uniformity of interpretation and application with regard to other states that have enacted this Act; specify how the enactment of this Act affects existing powers of appointment; provide that KRS Chapter 390 may be known as the Kentucky Uniform Powers of Appointment Act; amend KRS 381.225 to provide that a new perpetuities period may be started when a power of appointment is exercised, if the person exercising the power so provides; amend KRS 381.226 to exclude any interest in property created by the exercise of a special power of appointment granted by an instrument that was irrevocable on September 25, 1985, from being construed as requiring the interests to vest within the period specified in KRS 381.224, 381.225, and 381.226; repeal KRS 386.095, 394.060, and 394.070, which relate to exercise and release of powers.
Index Headings of Original Version Property - Kentucky Uniform Powers of Appointment Act
Property - Special powers of appointment, exclusion from vesting period
Uniform Laws - Kentucky Uniform Powers of Appointment Act
Wills and Estates - Special powers of appointment, exclusion from vesting period
Wills and Estates - Trust instrument, time period related to power of appointment
Civil Procedure - Trust instruments, time period related to power of appointment
Short Titles and Popular Names - Kentucky Uniform Powers of Appointment Act
Jump to Proposed Amendments Senate Committee Substitute 1
Senate Committee Amendment 1
Senate Floor Amendment 1
Votes Vote History

Actions

Top | Amendments
12/11/19
  • Prefiled by the sponsor(s).
01/07/20
  • introduced in House
  • to Judiciary (H)
01/10/20
  • posted in committee
01/29/20
  • reported favorably, 1st reading, to Calendar
01/30/20
  • 2nd reading, to Rules
02/03/20
  • posted for passage in the Regular Orders of the Day for Tuesday, February 4, 2020
02/04/20
  • 3rd reading, passed 92-0
02/05/20
  • received in Senate
02/07/20
  • to Judiciary (S)
03/12/20
  • reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1) and committee amendment (1-title)
03/17/20
  • 2nd reading, to Rules
  • floor amendment (1) filed to Committee Substitute
03/18/20
  • posted for passage in the Regular Orders of the Day for Wednesday, March 18, 2020
  • 3rd reading, passed 31-0 with Committee Substitute (1), floor amendment (1), and committee amendment (1-title)
03/19/20
  • received in House
  • to Rules (H)
  • posted for passage for concurrence in Senate Committee Substitute (1), floor amendment (1) and committee amendment (1-title)
  • House concurred in Senate Committee Substitute (1) and floor amendments (1) committee amendment (1-title)
  • passed 81-2
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
03/27/20
  • signed by Governor (Acts ch. 41)

Proposed Amendments

Top | Actions
Amendment Senate Committee Substitute 1
Summary Establish KRS Chapter 390 and create new sections thereof to define various terms; specify the governing law over a power of appointment; state that common law supplements this chapter; outline the creation of a power of appointment; prohibit the transfer of a power of appointment; specify general presumptions upon a power of appointment's creation; make an exception to the general presumption about a power of appointment; define "adverse party"; allow a donor to revoke or amend a power of appointment in certain instances; state when a power of appointment may be exercised; provide that a residuary clause manifests a powerholder's intent to exercise a power of appointment; state that a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the clause; require substantial compliance with a formal requirement of appointment; outline permissible appointments; provide that appointment to a deceased appointee is ineffective and appointment to an impermissible appointee is ineffective; require a powerholder's intent to be carried out in cases of selective allocation; establish the procedure for disposition of property ineffectively appointed; provide for the disposition of unappointed property under released or unexercised general power; provide for the disposition of unappointed property under released or unexercised nongeneral power; provide for the disposition of unappointed property if partial appointment is to the taker in default; provide for the disposition of property appointed to the taker in default; allow a powerholder to revoke or amend an exercise; allow a powerholder to disclaim a power of appointment or contract to appoint or not appoint any property subject to the power; allow a powerholder to release a power of appointment; state the method in which a powerholder may release a power of appointment; allow a powerholder to revoke or amend a release of power; allow a powerholder of a presently exercisable power of appointment and a not presently exercisable power of appointment to contract; establish a remedy for a powerholder's breach of a contract to appoint or not to appoint appointive property; outline the rights of a powerholder's creditors in appointive property; state when appointive property is subject to a claim when the power is general; state when appointive property is subject to a claim when the power is nongeneral; require uniformity of interpretation and application with regard to other states that have enacted this Act; specify how the enactment of this Act affects existing powers of appointment; provide that KRS Chapter 390 may be known as the Kentucky Uniform Powers of Appointment Act; amend KRS 381.225 to provide that a new perpetuities period may be started when a power of appointment is exercised, if the person exercising the power so provides; amend KRS 381.226 to exclude any interest in property created by the exercise of a special power of appointment granted by an instrument that was irrevocable on September 25, 1985, from being construed as requiring the interests to vest within the period specified in KRS 381.224, 381.225, and 381.226; repeal KRS 386.095, 394.060, and 394.070, which relate to exercise and release of powers; amend KRS 457.030 to exclude powers of attorney granted to motor vehicle dealers; amend KRS 457.050 to remove the requirement of a power of attorney being signed in front of two disinterested witnesses; create various sections of KRS Chapter 457 to codify Articles 2 and 3 of the Uniform Powers of Attorney Act; repeal and reenact KRS 457.240, 457.250, and 457.260 to conform.
Index Headings

Amendment Senate Committee Amendment 1
Sponsor W. Westerfield
Summary Make title amendment.
Index Headings Title Amendments - HB 154

Amendment Senate Floor Amendment 1
Sponsor W. Westerfield
Summary Create a new section of KRS Chapter 457 to state that a power of attorney only grants an agent the authority to act as to the principal's property or finances.
Index Headings Uniform Laws - Uniform Power of Attorney Act, authority of agent, limitation to principal's property and finances

Last updated: 4/29/2020 12:16 PM (EDT)
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