Uniform Fiduciary Income and Principal Act; replaces prior Act. (HB370)

Introduced By

Del. Rip Sullivan (D-Arlington)

Progress

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

Description

Uniform Fiduciary Income and Principal Act. Codifies the Uniform Fiduciary Income and Principal Act, which replaces the prior uniform act to reflect modern trust investment practices in the allocation of principal and income. The bill provides procedures for trustees administering estates and gives them additional flexibility to administer discretionary trusts to ensure that the intention of the creator of the trust is accomplished. The bill includes provisions for converting a traditional trust into a "unitrust" to allow for total-return investing. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/11/2022Committee
01/11/2022Prefiled and ordered printed; offered 01/12/22 22102105D
01/11/2022Referred to Committee for Courts of Justice
01/25/2022Assigned Courts sub: Subcommittee #2
01/26/2022Subcommittee recommends reporting (8-Y 0-N)
01/28/2022Reported from Courts of Justice (18-Y 0-N) (see vote tally)
02/01/2022Read first time
02/02/2022Read second time and engrossed
02/03/2022Impact statement from DPB (HB370)
02/03/2022Read third time and passed House Block Vote (99-Y 0-N)
02/03/2022VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
02/03/2022Reconsideration of passage agreed to by House
02/03/2022Passed House (100-Y 0-N)
02/03/2022VOTE: Passage #2 (100-Y 0-N) (see vote tally)
02/04/2022Constitutional reading dispensed
02/04/2022Referred to Committee on the Judiciary
02/16/2022Reported from Judiciary (14-Y 0-N) (see vote tally)
02/18/2022Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/21/2022Read third time
02/21/2022Passed Senate (40-Y 0-N) (see vote tally)
02/23/2022Enrolled
02/23/2022Bill text as passed House and Senate (HB370ER)
02/23/2022Signed by Speaker
02/23/2022Signed by President
02/24/2022Impact statement from DPB (HB370ER)
03/09/2022Enrolled Bill communicated to Governor on March 9, 2022
03/09/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/11/2022G Approved by Governor-Chapter 354 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0354)

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