Mississippi Senate Bill 2727 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on March 24 2014 - 100% progression
Action: 2014-03-24 - Approved by Governor
Text: Latest bill text (Enrolled) [HTML]

An Act To Create The Mississippi Uniform Trust Code, To Be Codified In Title 91, Chapter 8, Mississippi Code Of 1972, To Provide For The Creation, Administration, Modification, Termination, And Validity Of Trusts; To Create New Section 91-8-101, Mississippi Code Of 1972, To Create A Short Title; To Create New Section 91-8-102, Mississippi Code Of 1972, To Prescribe The Scope Of The Act; To Create New Section 91-8-103, Mississippi Code Of 1972, To Enact Definitions; To Create New Section 91-8-104, Mississippi Code Of 1972, To Enumerate The Circumstances Constituting "knowledge"; To Create New Section 91-8-105, Mississippi Code Of 1972, To Create Default And Mandatory Rules; To Create New Section 91-8-106, Mississippi Code Of 1972, To Provide For The Application Of Common Law And Principles Of Equity; To Create New Section 91-8-107, Mississippi Code Of 1972, To Prescribe Governing Law; To Create New Section 91-8-108, Mississippi Code Of 1972, To Delineate The Principal Place Of Administration; To Create New Section 91-8-109, Mississippi Code Of 1972, To Provide For Notice And Waiver Thereof; To Create New Section 91-8-110, Mississippi Code Of 1972, To Specify Qualified Beneficiaries; To Create New Section 91-8-111, Mississippi Code Of 1972, To Authorize Nonjudicial Settlement Agreements; To Create New Section 91-8-112, Mississippi Code Of 1972, To Provide Rules Of Construction; To Create New Section 91-8-201, Mississippi Code Of 1972, To Specify The Role Of The Court; To Create New Section 91-8-202, Mississippi Code Of 1972, To Specify Jurisdiction; To Create New Section 91-8-203, Mississippi Code Of 1972, To Define Subject-matter Jurisdiction; To Create New Section 91-8-204, Mississippi Code Of 1972, To Prescribe Venue; To Create New Section 91-8-205, Mississippi Code Of 1972, To Provide For Judicial Accountings And Settlements; To Create New Section 91-8-301, Mississippi Code Of 1972, To Specify When Representation Is Binding; To Create New Section 91-8-302, Mississippi Code Of 1972, To Provide When The Holder May Bind Others; To Create New Section 91-8-303, Mississippi Code Of 1972, To Provide For Representation By Fiduciaries And Parents; To Create New Section 91-8-304, Mississippi Code Of 1972, To Provide For Representation By Persons With Similar Interests; To Create New Section 91-8-305, Mississippi Code Of 1972, To Provide For Appointment Of Representatives; To Create New Section 91-8-401, Mississippi Code Of 1972, To Provide Methods For Creating Trusts; To Create New Section 91-8-402, Mississippi Code Of 1972, To Specify Requirements; To Create New Section 91-8-403, Mississippi Code Of 1972, To Provide For Foreign Trusts; To Create New Section 91-8-404, Mississippi Code Of 1972, To Require A Lawful Purpose; To Create New Section 91-8-405, Mississippi Code Of 1972, To Allow Court Selection Of A Charitable Purpose; To Create New Section 91-8-406, Mississippi Code Of 1972, To Void A Trust Created Under Duress; To Create New Section 91-8-407, Mississippi Code Of 1972, To Allow An Oral Trust; To Create New Section 91-8-408, Mississippi Code Of 1972, To Provide For Trusts For Animals; To Create New Section 91-8-409, Mississippi Code Of 1972, To Provide For Noncharitable Trusts Lacking A Discernable Beneficiary; To Create New Section 91-8-410, Mississippi Code Of 1972, To Provide For Modification Or Termination Of Trusts; To Create New Section 91-8-411, Mississippi Code Of 1972, To Provide For Modification Or Termination Of Noncharitable Irrevocable Trusts By Consent; To Create New Section 91-8-412, Mississippi Code Of 1972, To Provide For Modification Or Termination Due To Unforeseen Circumstances; To Create New Section 91-8-413, Mississippi Code Of 1972, To Provide For Interpretation According To The Settlor's Intent; To Create New Section 91-8-414, Mississippi Code Of 1972, To Provide For Modification Or Termination Of An Uneconomic Trust; To Create New Section 91-8-415, Mississippi Code Of 1972, To Allow Reformation To Correct Mistakes; To Create New Section 91-8-416, Mississippi Code Of 1972, To Allow Modification To Obtain Tax Objectives; To Create New Section 91-8-417, Mississippi Code Of 1972, To Allow Combination And Division Of Trusts; To Create New Section 91-8-601, Mississippi Code Of 1972, To Specify Required Capacity; To Create New Section 91-8-602, Mississippi Code Of 1972, To Provide For Revocation Or Amendment Of Revocable Trust; To Create New Section 91-8-603, Mississippi Code Of 1972, To Provide Settlor's Powers; To Create New Section 91-8-604, Mississippi Code Of 1972, To Place A Limitation On An Action To Contest Validity; To Create New Section 91-8-701, Mississippi Code Of 1972, To Allow Acceptance Or Decline Of Trusteeship; To Create New Section 91-8-702, Mississippi Code Of 1972, To Provide For A Trustee's Bond; To Create New Section 91-8-703, Mississippi Code Of 1972, To Provide For Cotrustees; To Create New Section 91-8-704, Mississippi Code Of 1972, To Provide For Vacancies And Appointments; To Create New Section 91-8-705, Mississippi Code Of 1972, To Provide For Resignation Of Trustees; To Create New Section 91-8-706, Mississippi Code Of 1972, To Provide For Removal Of A Trustee; To Create New Section 91-8-707, Mississippi Code Of 1972, To Provide For Delivery Of Property By A Former Trustee; To Create New Section 91-8-708, Mississippi Code Of 1972, To Provide For The Compensation Of Trustee, Trust Advisors And Trust Protectors; To Create New Section 91-8-709, Mississippi Code Of 1972, To Provide For Reimbursement; To Create New Section 91-8-710, Mississippi Code Of 1972, To Provide For Excluded Fiduciaries Of Directed Trusts; To Create New Section 91-8-711, Mississippi Code Of 1972, To Allow A Fiduciary To Accept Or Decline Serving A Directed Trust; To Create New Section 91-8-712, Mississippi Code Of 1972, To Provide The Fiduciary's Bond For A Directed Trust; To Create New Section 91-8-713, Mississippi Code Of 1972, To Provide For A Vacancy In A Directed Trust; To Create New Section 91-8-714, Mississippi Code Of 1972, To Provide For The Resignation Of The Fiduciary Of A Directed Trust; To Create New Section 91-8-715, Mississippi Code Of 1972, To Provide For The Removal Of A Fiduciary Of A Directed Trust; To Create New Section 91-8-801, Mississippi Code Of 1972, To Specify The Duty Of A Trust Administrator; To Create New Section 91-8-802, Mississippi Code Of 1972, To Require The Duty Of Loyalty; To Create New Section 91-8-803, Mississippi Code Of 1972, To Require Impartiality; To Create New Section 91-8-804, Mississippi Code Of 1972, To Require Prudence; To Create New Section 91-8-805, Mississippi Code Of 1972, To Provide For Payment Of Costs; To Create New Section 91-8-806, Mississippi Code Of 1972, To Require The Trustee's Use Of Special Skills; To Create New Section 91-8-807, Mississippi Code Of 1972, To Allow Delegation By A Trustee; To Create New Section 91-8-808, Mississippi Code Of 1972, To Specify When A Settlor Has The Power To Direct; To Create New Section 91-8-809, Mississippi Code Of 1972, To Require Control And Protection Of Trust Property; To Create New Section 91-8-810, Mississippi Code Of 1972, To Require Recordkeeping And Identification Of Trust Property; To Create New Section 91-8-811, Mississippi Code Of 1972, To Provide For Enforcement And Defense Of Claims; To Create New Section 91-8-812, Mississippi Code Of 1972, To Require Collection Of Property; To Create New Section 91-8-813, Mississippi Code Of 1972, To Impose A Duty To Inform And Report; To Create New Section 91-8-814, Mississippi Code Of 1972, To Impose Standards On The Exercise Of Discretionary Powers; To Create New Section 91-8-815, Mississippi Code Of 1972, To Specify The General Powers Of A Trustee; To Create New Section 91-8-816, Mississippi Code Of 1972, To Specify The Specific Powers Of A Trustee; To Create New Section 91-8-817, Mississippi Code Of 1972, To Provide For Distribution Upon Termination; To Create New Section 91-8-901, Mississippi Code Of 1972, To Incorporate The Prudent Investor Act By Reference; To Create New Section 91-8-1001, Mississippi Code Of 1972, To Provide Remedies For Breach Of Trust; To Create New Section 91-8-1002, Mississippi Code Of 1972, To Provide Damages For Breach Of Trust; To Create New Section 91-8-1003, Mississippi Code Of 1972, To Eliminate Damages In Absence Of Breach; To Create New Section 91-8-1004, Mississippi Code Of 1972, To Provide For Attorney's Fees And Costs; To Create New Section 91-8-1005, Mississippi Code Of 1972, To Enact A Limitation Of Action Against A Trustee; To Create New Section 91-8-1006, Mississippi Code Of 1972, To Create Immunity For Reliance On The Trust Instrument; To Create New Section 91-8-1007, Mississippi Code Of 1972, To Create Immunity For Certain Other Events Affecting Administration; To Create New Section 91-8-1008, Mississippi Code Of 1972, To Provide For A Trustee's Exculpation; To Create New Section 91-8-1009, Mississippi Code Of 1972, To Provide For A Beneficiary's Consent, Release Or Ratification; To Create New Section 91-8-1010, Mississippi Code Of 1972, To Limit A Trustee's Personal Liability; To Create New Section 91-8-1011, Mississippi Code Of 1972, To Specify A Trustee's Interest As A General Partner; To Create New Section 91-8-1012, Mississippi Code Of 1972, To Provide Protection For A Person Dealing With A Trustee; To Create New Section 91-8-1013, Mississippi Code Of 1972, To Provide For Certification Of A Trust; To Create New Section 91-8-1014, Mississippi Code Of 1972, To Allow Enforcement Of A No-contest Clause; To Create New Section 91-8-1101, Mississippi Code Of 1972, To Provide For Uniformity In Application And Construction; To Create New Section 91-8-1102, Mississippi Code Of 1972, To Specify The Relation Of The Act To The Electronic Signatures Act; To Create New Section 91-8-1103, Mississippi Code Of 1972, To Provide For Severability; To Create New Section 91-8-1106, Mississippi Code Of 1972, To Make Transition Provisions; To Create New Section 91-8-1107, Mississippi Code Of 1972, To Place Limitations On Settlors Of Irrevocable Trusts; To Create New Section 91-8-1108, Mississippi Code Of 1972, To Provide Factors To Be Considered In Certain Challenges; To Create New Section 91-8-1109, Mississippi Code Of 1972, To Provide Special Protections For Trusts For The Disabled; To Create New Section 91-8-1201, Mississippi Code Of 1972, To Specify The Powers Of Trust Advisors And Trust Protectors; To Create New Section 91-8-1202, Mississippi Code Of 1972, To Specify The Fiduciary Duty Of Trust Advisors And Trust Protectors; To Create New Section 91-8-1203, Mississippi Code Of 1972, To Subject Trust Advisors And Protectors To Court Jurisdiction; To Create New Section 91-8-1204, Mississippi Code Of 1972, To Limit The Duty Of Review Of An Excluded Fiduciary; To Create New Section 91-8-1205, Mississippi Code Of 1972, To Specify The Fiduciary's Liability; To Create New Section 91-8-1206, Mississippi Code Of 1972, To Create A Limitation Of Liability For A Trust Advisor Or Protector; To Repeal Sections 91-9-1, 91-9-2, 91-9-3, 91-9-5, 91-9-7 And 91-9-9, Mississippi Code Of 1972, Which Constitute Title 91, Chapter 9, Article 1, Trusts

Mississippi Uniform Trust Code; create.

Sen. Sean Tindell [R]

Sen. Thomas Gollott [R]

2014-03-11 - House - House Passed (Y: 119 N: 0 NV: 3 Abs: 0) [PASS]
2014-02-12 - Senate - Senate Passed (Y: 50 N: 0 NV: 2 Abs: 0) [PASS]

Date	Chamber	Action
2014-03-24		Approved by Governor
2014-03-18	House	Enrolled Bill Signed
2014-03-18	Senate	Enrolled Bill Signed
2014-03-12	House	Returned For Enrolling
2014-03-11	House	Passed
2014-03-04	House	Title Suff Do Pass
2014-02-15	House	Referred To Judiciary A
2014-02-13	Senate	Transmitted To House
2014-02-12	Senate	Passed
2014-02-12	Senate	Committee Substitute Adopted
2014-01-30	Senate	Title Suff Do Pass Comm Sub
2014-01-20	Senate	Referred To Judiciary, Division A

Type	Source
Summary	https://billstatus.ls.state.ms.us/2014/pdf/history/SB/SB2727.xml
Text	https://billstatus.ls.state.ms.us/documents/2014/html/SB/2700-2799/SB2727IN.htm
Text	https://billstatus.ls.state.ms.us/documents/2014/html/SB/2700-2799/SB2727CS.htm
Text	https://billstatus.ls.state.ms.us/documents/2014/html/SB/2700-2799/SB2727PS.htm
Text	https://billstatus.ls.state.ms.us/documents/2014/html/SB/2700-2799/SB2727SG.htm
Roll Call	https://billstatus.ls.state.ms.us/2014/pdf/votes/senate/0370008.pdf
Roll Call	https://billstatus.ls.state.ms.us/2014/pdf/votes/house/0640022.pdf