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 »

Status

01/11/2022: Awaiting a Vote in the Courts of Justice Committee

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

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