IN SB0265 | 2019 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 3-0)
Status: Passed on May 5 2019 - 100% progression
Action: 2019-05-05 - Public Law 221
Text: Latest bill text (Enrolled) [PDF]

Summary

Various trust matters. Defines "designated representative", "judicial proceeding", and "nonjudicial matter" for purposes of the trust code. Authorizes the establishment of legacy trusts. Prescribes the procedures for establishing a legacy trust and requirements for claims under a legacy trust. Provides that a court shall exercise jurisdiction over a legacy trust or a qualified disposition and adjudicate a case or controversy regarding the legacy trust, if the case or controversy is within the subject matter of the court. Adopts the uniform directed trust act, which allows for the terms of a trust to grant a person other than a trustee power over some aspect of the trust's administration. Provides that current law regarding the duties and liabilities of a trustee of a trust under the control of a third person applies to directions given to a trustee before July 1, 2019, by a person who has power under the terms of the trust to direct the trustee. Allows for the use of quiet trusts. Provides that an interested person may enter into a binding nonjudicial settlement agreement with respect to trust matters. Provides for nonjudicial account settlements.

Tracking Information

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Title

Various trust matters. Defines "designated representative", "judicial proceeding", and "nonjudicial matter" for purposes of the trust code. Authorizes the establishment of legacy trusts. Prescribes the procedures for establishing a legacy trust and requirements for claims under a legacy trust. Provides that a court shall exercise jurisdiction over a legacy trust or a qualified disposition and adjudicate a case or controversy regarding the legacy trust, if the case or controversy is within the subject matter of the court. Adopts the uniform directed trust act, which allows for the terms of a trust to grant a person other than a trustee power over some aspect of the trust's administration. Provides that current law regarding the duties and liabilities of a trustee of a trust under the control of a third person applies to directions given to a trustee before July 1, 2019, by a person who has power under the terms of the trust to direct the trustee. Allows for the use of quiet trusts. Provides that an interested person may enter into a binding nonjudicial settlement agreement with respect to trust matters. Provides for nonjudicial account settlements.

Sponsors


Roll Calls

2019-04-09 - House - House - Third reading (Y: 73 N: 23 NV: 1 Abs: 3) [PASS]
2019-04-01 - House - House - Committee Vote (Y: 8 N: 2 NV: 0 Abs: 3) [PASS]
2019-02-25 - Senate - Third reading (Y: 42 N: 7 NV: 0 Abs: 1) [PASS]
2019-02-06 - Senate - Senate - Committee Vote (Y: 6 N: 4 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2019-05-05SenatePublic Law 221
2019-05-05SenateSigned by the Governor
2019-04-30SenateSigned by the President of the Senate
2019-04-16HouseSigned by the Speaker
2019-04-11SenateSigned by the President Pro Tempore
2019-04-11HouseReturned to the Senate without amendments
2019-04-09HouseThird reading: passed; Roll Call 433: yeas 73, nays 23
2019-04-08HouseRepresentative Dvorak removed as cosponsor
2019-04-04HouseSecond reading: ordered engrossed
2019-04-01HouseCommittee report: do pass, adopted
2019-03-14HouseRepresentative Dvorak added as cosponsor
2019-03-04HouseFirst reading: referred to Committee on Judiciary
2019-02-26SenateReferred to the House
2019-02-25SenateHouse sponsor: Representative Steuerwald
2019-02-25SenateThird reading: passed; Roll Call 186: yeas 42, nays 7
2019-02-21SenateAmendment #5 (Freeman) prevailed; voice vote
2019-02-21SenateAmendment #3 (Head) prevailed; voice vote
2019-02-21SenateAmendment #1 (Head) prevailed; voice vote
2019-02-21SenateSecond reading: amended, ordered engrossed
2019-02-11SenateSenator Young M added as second author
2019-02-11SenateSenator Young M removed as coauthor
2019-02-07SenateSenator Young M added as coauthor
2019-02-07SenateCommittee report: amend do pass, adopted
2019-01-07SenateFirst reading: referred to Committee on Judiciary
2019-01-07SenateAuthored by Senator Head

Indiana State Sources

TypeSource
Summaryhttp://iga.in.gov/legislative/2019/bills/senate/265/
Texthttp://iga.in.gov/static-documents/8/c/b/4/8cb47975/SB0265.01.INTR.pdf
Texthttp://iga.in.gov/static-documents/c/d/9/3/cd9329ea/SB0265.01.INTR.pdf
Texthttp://iga.in.gov/static-documents/4/3/c/d/43cd38d9/SB0265.02.COMS.pdf
Texthttp://iga.in.gov/static-documents/b/1/d/4/b1d4df5c/SB0265.02.COMS.pdf
Texthttp://iga.in.gov/static-documents/f/2/0/d/f20d1acd/SB0265.03.ENGS.pdf
Texthttp://iga.in.gov/static-documents/b/f/f/f/bfffb44d/SB0265.03.ENGS.pdf
Texthttp://iga.in.gov/static-documents/c/5/8/e/c58e353a/SB0265.04.COMH.pdf
Texthttp://iga.in.gov/static-documents/5/2/c/c/52ccaa7a/SB0265.04.COMH.pdf
Texthttp://iga.in.gov/static-documents/1/5/b/2/15b28d0e/SB0265.05.ENRH.pdf
Roll Callhttp://iga.in.gov/static-documents/c/2/9/5/c2954877/SB0265.01.INTR.02.pdf
Roll Callhttp://iga.in.gov/static-documents/1/d/6/5/1d652732/SB0265.186.pdf
Roll Callhttp://iga.in.gov/static-documents/d/a/5/7/da573ac6/SB0265.03.ENGS.02.pdf
Roll Callhttp://iga.in.gov/static-documents/8/b/2/b/8b2befbe/SB0265.433.pdf

Bill Comments

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