HB 406 - Trusts; allocation of principal and income; amend provisions

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Sponsored By

Sponsored In Senate By

Committees

Current Status

05/02/05 - House Date Signed by Governor

First Reader Summary

A BILL to be entitled an Act to amend Article 10 of Chapter 12 of Title 53 of the O.C.G.A., relating to allocation of principal and income, so as to change provisions relating to the duty of the trustee as to receipts and expenditures; to provide for general principles relating to the allocation of principal and income; to provide for the discretionary power of a trustee to adjust the trust receipts between principal and income; to provide for requirements and prohibitions in adjustments; to provide for the criteria and procedure for conversion to a unitrust; to provide for judicially approved conversion; to provide for requirements and prohibitions in conversions; to provide for remedies; to correct a cross-reference; to amend Article 9 of Chapter 12 of Title 53 of the O.C.G.A., relating to trustees' duties and liabilities; to amend Code Section 15-9-127 of the O.C.G.A.; to provide for related matters; to repeal conflicting laws; and for other purposes.

Votes

Electronically Recorded Votes
Date Time Vote No Yeas Nays NV Exc Description
03/02/05 11:17 AM House Vote #136 152 004 019 005 PASS
03/24/05 06:07 PM Senate Vote #403 042 001 004 009 PASSAGE

Status History

Bill History
Date Action
02/09/2005 House First Readers
02/10/2005 House Second Readers
02/17/2005 House Committee Favorably Reported
03/02/2005 House Third Readers
03/02/2005 House Passed/Adopted
03/03/2005 Senate Read and Referred
03/17/2005 Senate Committee Favorably Reported
03/21/2005 Senate Read Second Time
03/24/2005 Senate Third Read
03/24/2005 Senate Passed/Adopted
04/05/2005 House Sent to Governor
05/02/2005 House Date Signed by Governor
05/02/2005 Act 109
07/01/2005 Effective Date