VA SB11 | 2012 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 4 2012 - 100% progression
Action: 2012-04-04 - Governor: Acts of Assembly Chapter text (CHAP0555)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 4 2012 - 100% progression
Action: 2012-04-04 - Governor: Acts of Assembly Chapter text (CHAP0555)
Text: Latest bill text (Chaptered) [HTML]
Summary
Self-settled spendthrift trusts; creation of. Provides for the creation of self-settled spendthrift trusts, which protect trust assets against the claims of a settlor who is also a trust beneficiary. This bill allows a settlor to transfer assets to an irrevocable trust to be held for the joint benefit of the settlor and at least one other beneficiary. Currently, a spendthrift clause is ineffective to shield the beneficiary from creditors when the beneficiary is also the settlor. Current law allows the creation of trusts that are protected from the claims of creditors against trust beneficiaries, and this bill extends that policy to trusts of which the settlor is also a discretionary beneficiary.
Title
Self-settled spendthrift trusts; created.
Sponsors
Roll Calls
2012-03-01 - House - House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (Y: 101 N: 0 NV: 1 Abs: 0) [PASS]
2012-02-27 - House - House: Reported from Courts of Justice (18-Y 0-N) (Y: 19 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-27 - House - House: Subcommittee recommends reporting (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]
2012-01-24 - Senate - Senate: Read third time and passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2012-01-20 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2012-01-18 - Senate - Senate: Reported from Courts of Justice (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-27 - House - House: Reported from Courts of Justice (18-Y 0-N) (Y: 19 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-27 - House - House: Subcommittee recommends reporting (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]
2012-01-24 - Senate - Senate: Read third time and passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2012-01-20 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2012-01-18 - Senate - Senate: Reported from Courts of Justice (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2012-04-04 | Governor: Acts of Assembly Chapter text (CHAP0555) | |
2012-04-04 | Governor: Approved by Governor-Chapter 555 (effective 7/1/12) | |
2012-03-08 | Senate: Signed by President | |
2012-03-06 | House: Signed by Speaker | |
2012-03-06 | Senate: Bill text as passed Senate and House (SB11ER) | |
2012-03-06 | Senate: Enrolled | |
2012-03-01 | House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) | |
2012-03-01 | House: Passed House BLOCK VOTE (99-Y 0-N) | |
2012-03-01 | House: Read third time | |
2012-02-29 | House: Read second time | |
2012-02-27 | House: Reported from Courts of Justice (18-Y 0-N) | |
2012-02-27 | House: Subcommittee recommends reporting (9-Y 0-N) | |
2012-02-16 | House: Assigned Courts sub: #2 Civil | |
2012-02-13 | House: Referred to Committee for Courts of Justice | |
2012-02-13 | House: Read first time | |
2012-02-13 | House: Placed on Calendar | |
2012-01-24 | Senate: Read third time and passed Senate (40-Y 0-N) | |
2012-01-23 | Senate: Read second time and engrossed | |
2012-01-20 | Senate: Constitutional reading dispensed (39-Y 0-N) | |
2012-01-18 | Senate: Reported from Courts of Justice (15-Y 0-N) | |
2011-12-19 | Senate: Referred to Committee for Courts of Justice | |
2011-12-19 | Senate: Prefiled and ordered printed; offered 01/11/12 12100829D |