Self-settled spendthrift trusts; certain legal entities to act as qualified trustee. (HB1448)

Introduced By

Del. Jason Miyares (R-Virginia Beach)

Progress

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

Description

Qualified trustee of self-settled spendthrift trusts. Allows any legal entity authorized by law to act as a trustee to serve as a qualified trustee of a self-settled spendthrift trust. Under current law, only a natural person who resides in the Commonwealth or a legal entity authorized to engage in trust business (i.e., a bank or trust company) may serve as a qualified trustee. The bill would expand the definition of "independent qualified trustee" and "qualified trustee" to include entities such as law firms and charitable organizations, when such entities are authorized by law to act as trustees. Amends § 64.2-745.2, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/01/2016Committee
12/01/2016Prefiled and ordered printed; offered 01/11/17 17100557D
12/01/2016Referred to Committee for Courts of Justice
01/13/2017Assigned Courts sub: Civil Law
01/16/2017Subcommittee recommends reporting with amendment (10-Y 0-N)
01/20/2017Reported from Courts of Justice with amendment (21-Y 0-N) (see vote tally)
01/24/2017Read first time
01/25/2017Read second time
01/25/2017Committee amendment agreed to
01/25/2017Engrossed by House as amended HB1448E
01/25/2017Printed as engrossed 17100557D-E
01/26/2017Read third time and passed House BLOCK VOTE (99-Y 0-N)
01/26/2017VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
01/27/2017Constitutional reading dispensed
01/27/2017Referred to Committee for Courts of Justice
02/15/2017Passed by indefinitely in Courts of Justice (11-Y 3-N 1-A) (see vote tally)

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 30 seconds.

Transcript

This is a transcript of the video clips in which this bill is discussed.

AYE, 97, NO, TWO. HOUSE BILL 2077 A BILL TO AMEND AND REENACT A SECTION OF THE CODE OF VIRGINIA RELATED TO EMERGENCY SERVICES AND DISASTER LAWS 2000. FIREARMS, EMERGENCY SHELTER.