House Bill 771

Actions | Amendments
Last Action 04/15/24: Veto not acted upon, and Bill and Veto Message filed with Secretary of State
Title AN ACT relating to trusts.
Bill Documents Current/Final
Introduced
Bill Request Number 1924
Sponsor M. Lockett
Summary of Original Version Amend KRS 386B.1-010 to add definitions; create new sections of Subchapter 5 of KRS Chapter 386B to permit the establishment of spendthrift trusts; establish rules for spendthrift trusts; amend KRS 386B.1-030, 386B.4-110, 386.175, 390.320, 394.035, and 394.640 to conform; repeal KRS 386B.5-010 to 386B.5-060.
Index Headings of Original Version Property - Spendthrift trusts, establishment of
Wills and Estates - Spendthrift trusts, establishment of
Wills and Estates - Spendthrift trusts, protections for
Attorneys - Trusts, spendthrift trusts, establishment of
Taxation, Inheritance and Estate - Spendthrift trusts, establishment of
Taxation, Inheritance and Estate - Spendthrift trusts, protections for
Jump to Proposed Amendments House Committee Substitute 1
House Floor Amendment 1
Senate Floor Amendment 1
Votes Vote History
Governor's Veto Message Veto

Actions

Top | Amendments
02/26/24
  • introduced in House
  • to Committee on Committees (H)
03/05/24
  • to Banking & Insurance (H)
03/06/24
  • reported favorably, 1st reading, to Calendar with Committee Substitute (1)
03/07/24
  • 2nd reading, to Rules
03/08/24
  • posted for passage in the Regular Orders of the Day for Monday, March 11, 2024
03/12/24
  • floor amendment (1) filed to Committee Substitute
03/14/24
  • 3rd reading, passed 93-1 with Committee Substitute (1) and Floor Amendment (1)
03/15/24
  • received in Senate
  • to Committee on Committees (S)
  • to Banking & Insurance (S)
03/21/24
  • reported favorably, 1st reading, to Calendar
03/22/24
  • 2nd reading, to Rules
  • floor amendment (1) filed
03/25/24
  • posted for passage in the Regular Orders of the Day for Tuesday, March 26, 2024
03/26/24
  • passed over and retained in the Orders of the Day
03/27/24
  • Floor Amendment (1) Withdrawn
  • 3rd reading
  • passed 35-0
  • received in House
03/28/24
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
04/09/24
  • Vetoed
04/12/24
  • received in House
  • to Rules (H)
  • taken from Rules
  • posted for passage for consideration of Governor's veto
04/15/24
  • Veto not acted upon, and Bill and Veto Message filed with Secretary of State

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Summary Retain original provisions; make technical corrections.
Index Headings Technical Corrections - HB 771

Amendment House Floor Amendment 1
Sponsor M. Lockett
Summary Retain original provisions, except provide that the standard of proof is a preponderance of the evidence; a perfected security interest on a spendthrift trust property shall be enforceable against the trust; provide time limits for claims of creditors against a settlor.
Index Headings Property - Spendthrift trusts, creditor, cause of action, preponderance standard
Property - Spendthrift trusts, creditor, cause of action, statute of limitations
Wills and Estates - Spendthrift trusts, creditor, cause of action, preponderance standard
Wills and Estates - Spendthrift trusts, creditor, cause of action, statute of limitations
Taxation, Inheritance and Estate - Spendthrift trusts, creditor, cause of action, preponderance standard
Taxation, Inheritance and Estate - Spendthrift trusts, creditor, cause of action, statute of limitations

Amendment Senate Floor Amendment 1
Sponsor J. Turner
Summary Retain original provisions, except provide that the creator of a spendthrift trust shall not be prevented, by will or other writing, from making other or different provisions using express, specific language to that end.
Index Headings Property - Spendthrift trusts, express language
Wills and Estates - Spendthrift trusts, express language
Taxation, Inheritance and Estate - Spendthrift trusts, express language

Last updated: 9/26/2024 1:37 PM (EDT)