Tenants by entireties; protect. against creditors to extend to prop. conveyed to limited liab. com. (HB1320)
Introduced By
Del. Harvey Morgan (R-Gloucester)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Extension of tenants by the entireties protection from creditors. Allows the tenants by the entireties protection against creditors to extend to a conveyance of property to a limited liability company. Current law allows the protection of tenants by the entireties ownership of a husband and wife's principal residence to continue after they convey it to a revocable or irrevocable trust. This amendment extends that protection to conveyance of property to a limited liability company. It also eliminates the requirement that it be a principal residence, and in the case of revocable trusts, that it be conveyed in equal shares. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/11/2006 | Prefiled and ordered printed; offered 01/11/06 069283428 |
| 01/11/2006 | Referred to Committee for Courts of Justice |
| 02/15/2006 | Left in Courts of Justice |