Trust directors; defenses to liability. (SB345)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Trust directors; defenses to liability. Clarifies that a trust director is liable for a breach of the trust director's fiduciary duty to the same extent a trustee would be liable for a breach of his fiduciary duty and that a trust director is able to assert defenses to liability on the same basis as a trustee serving under the governing instrument. The bill also provides that a term of a trust relieving a trust director of liability for breach of trust is unenforceable to the extent that it (i) relieves the trust director of liability for a breach of fiduciary duty that was committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries or (ii) was inserted as a result of abuse by the trust director. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/07/2014 | Prefiled and ordered printed; offered 01/08/14 14101704D |
01/07/2014 | Referred to Committee for Courts of Justice |
02/05/2014 | Reported from Courts of Justice (14-Y 0-N) (see vote tally) |
02/07/2014 | Constitutional reading dispensed (40-Y 0-N) |
02/10/2014 | Read second time and engrossed |
02/10/2014 | Constitutional reading dispensed (39-Y 0-N 1-A) |
02/10/2014 | Passed Senate (40-Y 0-N) |
02/12/2014 | Placed on Calendar |
02/12/2014 | Read first time |
02/12/2014 | Referred to Committee for Courts of Justice |
02/14/2014 | Assigned Courts sub: Civil Law |
02/24/2014 | Subcommittee recommends reporting with amendment(s) (10-Y 0-N) |
02/26/2014 | Reported from Courts of Justice with amendment (21-Y 0-N) (see vote tally) |
02/28/2014 | Read second time |
03/03/2014 | Read third time |
03/03/2014 | Committee amendment agreed to |
03/03/2014 | Engrossed by House as amended |
03/03/2014 | Passed House with amendment BLOCK VOTE (94-Y 0-N) |
03/03/2014 | VOTE: BLOCK VOTE PASSAGE (94-Y 0-N) (see vote tally) |
03/04/2014 | House amendment agreed to by Senate (40-Y 0-N) |
03/06/2014 | Enrolled |
03/06/2014 | Bill text as passed Senate and House (SB345ER) |
03/06/2014 | Signed by Speaker |
03/09/2014 | Signed by President |
04/07/2014 | G Approved by Governor-Chapter 749 (effective 7/1/14) |
04/07/2014 | G Acts of Assembly Chapter text (CHAP0749) |