Senate Bill 2211

AN ACT TO MAKE TECHNICAL AMENDMENTS TO THE MISSISSIPPI UNIFORM TRUST CODE AND THE MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT; TO AMEND SECTION 91-8-103, MISSISSIPPI CODE OF 1972, TO CLARIFY AND COORDINATE THE STATUTORY PROVISIONS CONCERNING SETTLORS, BENEFICIARY SURROGATES, TRUST PROTECTORS, TRUST ADVISORS AND CERTAIN REPRESENTATIVES; TO AMEND SECTION 91-8-105, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT THERE ARE THREE ALTERNATIVE METHODS BY WHICH A TRUSTEE'S DUTY TO INFORM AND REPORT MAY BE WAIVED; TO AMEND SECTION 91-8-303, MISSISSIPPI CODE OF 1972, TO CLARIFY AND COORDINATE THE STATUTORY PROVISIONS CONCERNING SETTLORS, BENEFICIARY SURROGATES, TRUST PROTECTORS, TRUST ADVISORS AND CERTAIN REPRESENTATIVES; TO AMEND SECTION 91-8-401, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT A TRANSFER IN THE NAME OF THE TRUST IS LEGALLY SUFFICIENT; TO AMEND SECTION 91-8-407, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT SUBSTANTIAL COMPLIANCE WITH THE REQUIREMENTS FOR A MEMORANDUM OF TRUST IS SUFFICIENT TO CONSTITUTE CONSTRUCTIVE NOTICE; TO AMEND SECTION 91-8-409, MISSISSIPPI CODE OF 1972, TO CLARIFY THE ENFORCEMENT OF A NONCHARITABLE TRUST WITHOUT AN ASCERTAINABLE BENEFICIARY; TO AMEND SECTION 91-8-411, MISSISSIPPI CODE OF 1972, TO CLARIFY THE PARTICIPATION OF THE QUALIFIED BENEFICIARIES IN MODIFICATION OR TERMINATION BY CONSENT; TO AMEND SECTION 91-8-703, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT TRUST ADVISORS AND TRUST PROTECTORS HAVE A DUTY TO KEEP OTHER FIDUCIARIES INFORMED; TO AMEND SECTION 91-8-814, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT THE TRUSTEE IS TO CONSIDER THE SPOUSE'S RESOURCES WHEN MAKING A DISCRETIONARY DISTRIBUTION WHEN THE SETTLOR IS STILL LIVING; TO AMEND SECTION 91-8-1012, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT A THIRD PARTY IS PROTECTED IN THE ABSENCE OF ACTUAL KNOWLEDGE THAT A TRUSTEE IS IMPROPERLY EXERCISING POWER; TO AMEND SECTION 91-8-1201, MISSISSIPPI CODE OF 1972, TO EXPAND THE POWERS OF A TRUST PROTECTOR OR TRUST ADVISOR TO COORDINATE WITH ARTICLE 3, CHAPTER 8, TITLE 91, MISSISSIPPI CODE OF 1972, DEALING WITH REPRESENTATION OF BENEFICIARIES AND WITH ARTICLE 8, CHAPTER 8, TITLE 91, MISSISSIPPI CODE OF 1972, DEALING WITH THE DUTIES AND POWERS OF A TRUSTEE UNDER THE UNIFORM TRUST CODE; TO AMEND SECTIONS 91-9-503, 91-9-505 AND 91-9-507, MISSISSIPPI CODE OF 1972, TO RECOGNIZE AND CREATE AN EXCEPTION FOR QUALIFIED DISPOSITIONS IN TRUST; TO CREATE NEW SECTION 91-9-509, MISSISSIPPI CODE OF 1972, TO RECODIFY A PROVISION OF ARTICLE 11, CHAPTER 9, TITLE 91, MISSISSIPPI CODE OF 1972, THE FAMILY TRUST PRESERVATION ACT OF 1998, REPEALED IN THE 2014 REGULAR SESSION AND TO INCLUDE AN EXCEPTION FOR QUALIFIED DISPOSITIONS IN TRUST; TO AMEND SECTION 91-9-703, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF INVESTMENT ADVISOR AND CLARIFY THAT THE INVESTMENT ADVISOR SHOULD NOT BE INVOLVED IN DISTRIBUTION DECISIONS; TO AMEND SECTION 91-9-707, MISSISSIPPI CODE OF 1972, TO CLARIFY A CREDITOR'S ABILITY TO BRING AN ACTION AGAINST PROPERTY SUBJECT TO A QUALIFIED DISPOSITION IN THE ABSENCE OF INTENT TO DEFRAUD THE SPECIFIC CREDITOR; TO AMEND SECTION 91-8-1013, MISSISSIPPI CODE OF 1972, TO CORRECT A TYPOGRAPHICAL ERROR IN AN INTERNAL REFERENCE IN THE MISSISSIPPI UNIFORM TRUST CODE; AND FOR RELATED PURPOSES.

In the Senate

• Sally Doty

  Sponsor

• Senate floor amendmentAdopted

  Adopted Feb 25

l9n doesn't hold this bill's text yet.

In the Senate Feb 5 – Feb 25

1. Feb 5Referred to the Senate committee on Judiciary, Division A
2. Feb 16Reported from committee in the Senate: title sufficient, do pass
3. Feb 25Amended in the Senate
4. Passed the Senate as amended

In the House of Representatives Feb 29 – Mar 29

1. Feb 29Sent to the House
2. Mar 16Referred to the House committee on Judiciary A
3. Mar 22Reported from committee in the House: title sufficient, do pass
4. Mar 23Read the third time in the House
5. Mar 29Passed the House

To the Governor Mar 29 – Apr 7

1. Mar 29Motion in the House to reconsider entered (Wooten, Baker and Wilson)
2. Mar 30Motion in the House to reconsider tabled
3. Returned to the Senate for enrolling
4. Apr 1Enrolled bill signed in the Senate
5. Enrolled bill signed in the House
6. Apr 7Approved by the Governor