|
H.B. No. 0077 |
Uniform Trust Code. |
Sponsored By: Joint Judiciary Interim
Committee
AN ACT relating to the Uniform Trust Code; creating the Uniform Trust
Code; repealing the Uniform Trustees' Powers Act; repealing the Uniform Prudent
Investor Act and incorporating provisions of that act within the Uniform Trust
Code; amending the rule against perpetuities as specified; providing for
electronic signatures as specified; conforming provisions; specifying
applicability of the act; and providing for an effective date.
1/2/2003 Bill Number
Assigned
1/14/2003 H Received
for Introduction
1/14/2003 H
Introduced and Referred to H01
1/23/2003 H01
Recommended Amend and Do Pass
ROLL CALL
Ayes: Representative(s) Alden, Bagby, Berger,
Buchanan, Olsen, Petersen, Simpson and Warren
Excused: Representative(s) Landon
Ayes 8 Nays 0 Excused 1 Absent 0
Conflicts 0
1/23/2003 H Placed on
General File
1/29/2003 H
Amendments Considered
HB0077HS001/A ADOPTED
Page 4-line 4 Delete
"grantor" insert "settlor".
Page 4-line 5 Delete
"or" insert ","; after "protector" insert
"or other persons designated by the instrument".
Page 14-line 8 After
"beneficiaries" insert "in writing".
Page 14-line 10 Delete
"thirty (30)" insert "sixty (60)".
Page 15-line 4 Delete
"thirty (30)" insert "sixty (60)".
Page 16-line 2 Delete
"likely to result" insert "that results".
Page 16-line 15 After
"waived" insert "in writing".
Page 22-After
line 22 Insert:
"(d) If venue is not
established under subsection (c) of this section, venue shall be proper in the
first judicial district court in Laramie county.".
Page 25-line 8 After
"with" insert "primary".
Page 41-line 5 After
"give" insert "written".
Page 41-line 8 After
"objects" insert "in writing"; delete "the date"
insert "receipt".
Page 41-line 12 Delete
"the date" insert "receipt".
Page 41-line 17 Delete
"of the date" insert "after receipt".
Page 49-line 1 Delete
"person" insert "creditor"; after "may" insert
"file a claim against the assets of the trust or".
Page 49-line 5 Delete
"Three (3)" insert "Two (2)".
Page 49-lines 7
through 11 Delete.
Page 49-line 13 Delete
"(iii)" insert "(ii)".
Page 49-line 21 Delete
"(iv)" insert "(iii)".
Page 50-line 5 After
"claims" insert "in writing".
Page 50-line 14 Delete
"person" insert "creditor".
Page 55-line 18 Delete
"Three (3)" insert "Two (2)".
Page 56-line 14 After
"trustee" insert "in writing".
Page 67-line 5 After
"shall" delete balance of line.
Page 67-line 6 Delete
the line through "to" insert "notify".
Page 67-line 7 After
"beneficiaries" insert ", in writing, of any change in the
method or rate of the trustee's compensation. Notice shall be given not less
than sixty (60) days in advance of any change, unless the notice is waived by
the written consent of all qualified beneficiaries. The notice of a proposed change in the method or rate of
trustee's compensation shall include:
(i) The
current trustee's compensation;
(ii) The
proposed change to the trustee's compensation;
(iii) An
explanation of the reasons for the change in compensation;
(iv) The
date upon which the change in compensation is to take effect; and
(v) The
date, not less than sixty (60) days after giving notice, by which a qualified
beneficiary is required to notify the trustee in writing of an objection to the
change in compensation".
Page 67-After
line 22 Insert:
"(d) The authority of a
trustee under this section to change the trustee's rate or method of compensation
terminates if a majority of the qualified beneficiaries notify the trustee of
objections to the proposed change in compensation on or before the date
specified in the notice.".
Page 68-line 6 Delete
"and".
Page 68-After
line 6 Insert:
"(ii) Expenses that were
properly incurred in responding to an objection to a proposed change in the
method or rate of the trustee's compensation; and".
Page 68-line 8 Delete
"(ii)" insert "(iii)".
Page 68-lines 18
through 22 Delete entirely
and insert:
"(a) The powers and
discretions of a trust protector shall be provided in the trust instrument or
may be established or modified by a judicial order, and may, in the best
interests of the trust, be exercised or not exercised in the sole and absolute
discretion of the trust protector and shall be binding on all other persons.
The powers and discretions may include the following:".
Page 69-lines 12
and 13 Delete.
Page 69-line 15 Delete
"(iv)" insert "(iii)".
Page 69-line 17 Delete
"(v)" insert "(iv)".
Page 69-line 20 Delete "(vi)"
insert "(v)".
Page 69-line 23 Delete
"(vii)" insert "(vi)".
Page 70-line 2 Delete
"(viii)" insert "(vii)".
Page 70-line 6 Delete
"(ix)" insert "(viii)".
Page 70-line 9 Delete
"(x)" insert "(ix)".
Page 70-line 12 Delete
"(xi)" insert "(x)".
Page 70-line 16 Delete
"(xii)" insert "(xi)"; after "To" insert
"increase or decrease any interest of the beneficiaries to the trust,
to".
Page 70-line 17 Before
"terminate" insert "to".
Page 70-line 18 Delete
"an" insert "a modification,".
Page 70-line 23 Delete
"The".
Page 70-line 24 Delete.
Page 71-lines 1
through 3 Delete.
Page 112-line 13 Delete
"one (1)".
Page 112-line 14 Delete
"year" insert "two (2) years".
Page 112-line 15 Delete
"was sent" insert "received".
Page 115-line 10 After
"consented" insert "in writing". SIMPSON, CHAIRMAN
1/29/2003 H Passed
CoW
1/30/2003 H Passed
2nd Reading
1/31/2003 H
Amendments Considered
HB0077H3001/A ADOPTED
Page 1-line 16 Delete
"4‑10‑912" insert "4‑10‑913".
Page 108-after
line 13 Insert:
"4‑10‑912. Application to Wyoming family college
savings program trust.
This act does not apply to the Wyoming family college savings
program trust created by W.S. 21‑16‑811(a), except that this
article shall continue to apply as required under W.S. 21‑16‑813(c)(iii).".
Page 108-line 15 Delete
"4‑10‑912"
insert "4‑10‑913"
Page 126-line 2 Delete
"4‑10‑912" insert "4‑10‑913". SIMPSON
HB0077H3002/F FAILED
Page 1-line 5 After
";" delete balance of the line.
Page 1-line 6 Delete
the line through ";".
Page 125-line 15 Delete
"," insert "and"; delete "and 34‑1‑139".
Page 126-lines
10 through 24 Delete.
Page 127-lines 1
through 24 Delete.
Page 128-lines 1
through 5 Delete. ESQUIBEL
1/31/2003 H Passed
3rd Reading
ROLL CALL
Ayes: Representative(s) Alden, Anderson, R.,
Bagby, Baker, Berger, Boswell, Brechtel, Buchanan, Bucholz, Childers, Cohee,
Cooper, Diercks, Edwards, Esquibel, Gentile, Gilmore, Harshman, Harvey,
Hinckley, Iekel, Illoway, Jansen, Johnson, L., Johnson, W., Jones, Jorgensen,
Landon, Latta, Law, Lockhart, Luthi, Martin, McMurtrey, McOmie, Meuli, Meyer,
Miller, D., Morgan, Nicholas, Olsen, Osborn, Parady, Petersen, Philp, Powers,
Prosser, Reese, Robinson, Ross, Semlek, Simpson, Slater, Thompson, Tipton,
Walsh, Warren, Wasserburger and Wostenberg.
Excused: Representative(s) Hageman
Ayes 59 Nays 0 Excused 1 Absent 0
Conflicts 0
2/3/2003 S Received
for Introduction
2/4/2003 S
Introduced and Referred to S01
2/18/2003 S01
Recommended Amend and Do Pass
ROLL CALL
Ayes: Senator(s) Burns, Decaria, Hanes and Meier
Nays: Senator(s) Goodenough
Ayes 4 Nays 1 Excused 0 Absent 0
Conflicts 0
2/18/2003 S Placed on
General File
2/25/2003 S
Amendments Considered
HB0077SS001.01/ACE (CORRECTED COPY) (TO ENGROSSED COPY)
(DIVIDED
AMENDMENT) ADOPTED
Page 18-line 13 After
"(c)" insert "Subject to the rights of persons dealing with a
fiduciary as provided in W.S. 4‑10‑1013,".
Page 33-line 15 Before
"A" insert "Subject to the rights of persons dealing with a
fiduciary as provided in W.S. 4‑10‑1013,".
Page 49-line 6 After
"(a)" insert "Subject to the rights of persons dealing with a
fiduciary as provided in W.S. 4‑10‑1013,".
Page 52-line 3 After
"trust." delete balance of line.
Page 52-line 4 Delete.
Page 55-line 14 After
"(a)" insert "Subject to the rights of persons dealing with a
fiduciary as provided in W.S. 4‑10‑1013,".
Page 76-line 11 Delete
"or" insert "a fiduciary".
Page 76-line 12 Delete
"assisting the trustee"; delete "4‑10‑1012"
insert "4‑10‑1013".
Page 111-line 15 Before
"W.S." insert "the rights of persons dealing with a fiduciary as
provided in"; delete "4‑10‑1012" insert "4‑10‑1013".
Page 125-line 23 Delete
"before,".
Page 126-lines 5
through 16 Delete.
Page 126-line 18 Delete
"(v)" insert "(iii)".
HANES, CHAIRMAN
HB0077SS001.02/FCE (CORRECTED COPY) (TO ENGROSSED COPY)
(DIVIDED AMENDMENT) FAILED
Page 60-line 4 After
"may" insert "not".
Page 60-line 5 After
"function" delete balance of line.
Page 60-line 6 Delete
line through "trust" insert "the settlor reasonably expected the
trustees to perform jointly".
HANES, CHAIRMAN
HB0077SW001/AE (TO ENGROSSED COPY) ADOPTED
Page 125-line 19 After
"act" insert "and subsection (c) of this section".
Page 127-after
line 2 Insert:
"(c) This act applies to a trust created before
July 1, 2003 if the settlor, if living, and all qualified beneficiaries consent
to the application. If the settlor is
not living, this act may apply to a trust created before July 1, 2003 if all
qualified beneficiaries consent to the application. If all of the qualified beneficiaries do not consent to a
proposed application of this act to the trust, the court may apply this act to
the trust after determining that the interests of the non-consenting qualified
beneficiary will be adequately protected.". HANES
HB0077SW002.01/ACE (CORRECTED COPY) (TO ENGROSSED COPY)
(DIVIDED AMENDMENT) ADOPTED
Page 13-lines 17
through 23 Delete and
insert:
"(b) A trustee is under a continuing duty to
administer the trust at a place appropriate to its purposes, its administration
and the interests of the beneficiaries unless otherwise provided in subsection
(a) of this section or changed as provided in subsection (c) of this
section.".
Page 14-line 2 After
"trustee" insert ", in furtherance of the duty prescribed by
subsection (b) of this section,".
Page 15-lines 15
through 19 Delete and
renumber.
Page 70-line 6 After
"exercised" insert "." and delete balance of line.
Page 70-line 7 Delete
through "persons.". SCHIFFER
HB0077SW002.02/FCE (CORRECTED COPY) (TO ENGROSSED COPY)
(DIVIDED AMENDMENT) FAILED
Page 71-lines 2
and 3 Delete and
renumber.
Page 71-line 5 Delete
"(vi)" insert "(v)".
Page 71-line 8 Delete
"(vii)" insert "(vi)".
Page 71-line 12 Delete
"(viii)" insert "(vii)".
Page 71-line 15 Delete
"(ix)" insert "(viii)".
Page 71-line 18 Delete
"(x)" insert "(ix)".
Page 71-line 22 Delete
line and insert "If specified in the trust under powers granted to a trust
protector,".
Page 71-lines 23
and 24 Delete.
Page 72-line 1 Delete.
Page 72-line 2 Delete
"however,". SCHIFFER
HB0077SW004/AE (TO ENGROSSED COPY) ADOPTED
Page 59-line 3 After
"bond," delete "even if" insert "unless". BURNS
2/25/2003 S Passed
CoW
2/26/2003 S
Amendments Considered
HB0077S2001/AE (TO ENGROSSED COPY) ADOPTED
Page 78-line 11 After
"advantage" insert "beyond the normal commercial advantage from
such a transaction,". SCOTT
HB0077S2002/AE (TO ENGROSSED COPY) ADOPTED
Page 2-line 1 Delete
"4‑10‑1104" insert "4‑10‑1103".
Page 8-line 9 Delete
"4‑10‑1104" insert "4‑10‑1103".
Page 125-lines 8
through 15 Delete.
Page 125-line 17 Delete
"4‑10‑1104" insert
"4‑10‑1103". SCOTT
HB0077S2003/AE (TO ENGROSSED COPY) ADOPTED
Page 104-after line 22 Insert and renumber:
"(f) A trustee who has special
skills or expertise, or is named trustee in reliance upon the trustee's
representation that the trustee has special skills or expertise, has a duty to
use those special skills or expertise.".
DECARIA, HANES
2/26/2003 S Passed
2nd Reading
2/27/2003 S
Amendments Considered
HB0077S3001/FE (TO ENGROSSED COPY) FAILED
Page 1-line 5 After
";" delete balance of line.
Page 1-line 6 Delete
"specified;".
Page 127-line 4 Delete
"," insert "and"; delete "and 34‑1‑139".
Page 127-lines
22 and 23 Delete.
Page 128-lines 1
through 24 Delete.
Page 129-lines 1
through 17 Delete. JOB
ROLL CALL
Ayes: Senator(s) Boggs, Case, Cathcart, Decaria,
Goodenough, Job, Kunz, Meier, Mockler, Sessions and Vasey.
Nays: Senator(s) Anderson, J., Barrasso, Barton,
Burns, Caller, Coe, Devin, Erb, Geis, Hanes, Hawks, Hines, Larson, Massie,
Northrup, Peck, Roberts, Schiffer and Scott.
Ayes 11 Nays 19 Excused 0
Absent 0 Conflicts 0
2/27/2003 S Passed
3rd Reading
ROLL CALL
Ayes: Senator(s) Anderson, J., Barrasso, Barton,
Burns, Caller, Coe, Decaria, Devin, Erb, Geis, Hanes, Hawks, Hines, Kunz,
Larson, Massie, Meier, Northrup, Peck, Roberts, Schiffer, Scott, Sessions and
Vasey.
Nays: Senator(s) Boggs, Case, Cathcart,
Goodenough, Job and Mockler.
Ayes 24 Nays 6 Excused 0 Absent 0
Conflicts 0
2/28/2003 H Did
Concur
ROLL CALL
Ayes: Representative(s) Alden, Anderson, R., Bagby,
Baker, Berger, Boswell, Brechtel, Buchanan, Bucholz, Childers, Cohee, Cooper,
Diercks, Edwards, Esquibel, Gentile, Gilmore, Hageman, Harshman, Harvey,
Hinckley, Iekel, Illoway, Jansen, Johnson, L., Johnson, W., Jones, Jorgensen,
Landon, Latta, Law, Lockhart, Luthi, Martin, McMurtrey, McOmie, Meuli, Meyer,
Miller, D., Morgan, Nicholas, Olsen, Osborn, Parady, Petersen, Philp, Powers,
Prosser, Reese, Robinson, Ross, Semlek, Simpson, Slater, Thompson, Tipton,
Walsh, Warren, Wasserburger and Wostenberg.
Ayes 60 Nays 0 Excused 0 Absent 0
Conflicts 0
2/28/2003 Assigned
Number HEA 0074
3/1/2003 H Speaker
Signed HEA No. 0074
3/1/2003 S President
Signed HEA No. 0074
3/4/2003 Governor
Signed HEA No. 0074
Chapter No. 0124 Session
Laws of Wyoming 2003.