Self-settled spendthrift trusts; created. (SB11)

Introduced By

Sen. Richard Stuart (R-Westmoreland)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

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. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/19/2011Prefiled and ordered printed; offered 01/11/12 12100829D
12/19/2011Referred to Committee for Courts of Justice
01/18/2012Reported from Courts of Justice (15-Y 0-N) (see vote tally)
01/20/2012Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/23/2012Read second time and engrossed
01/24/2012Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/13/2012Placed on Calendar
02/13/2012Read first time
02/13/2012Referred to Committee for Courts of Justice
02/16/2012Assigned Courts sub: #2 Civil
02/27/2012Subcommittee recommends reporting (9-Y 0-N)
02/27/2012Reported from Courts of Justice (18-Y 0-N) (see vote tally)
02/29/2012Read second time
03/01/2012Read third time
03/01/2012Passed House BLOCK VOTE (99-Y 0-N)
03/01/2012VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
03/06/2012Enrolled
03/06/2012Bill text as passed Senate and House (SB11ER)
03/06/2012Signed by Speaker
03/08/2012Signed by President
04/04/2012G Approved by Governor-Chapter 555 (effective 7/1/12)
04/04/2012G Acts of Assembly Chapter text (CHAP0555)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 45 seconds.