House Bill 1425

AN ACT TO REVISE MISSISSIPPI LAW GOVERNING ESTATES AND TRUSTS; TO CREATE A NEW SECTION TO CREATE THE MISSISSIPPI REAL PROPERTY TRANSFER ON DEATH ACT; TO ENACT DEFINITIONS; TO PROVIDE FOR APPLICABILITY, AND NONEXCLUSIVITY; TO AUTHORIZE A TRANSFER ON DEATH DEED THAT IS BOTH REVOCABLE AND NONTESTAMENTARY; TO REQUIRE CAPACITY ON THE PART OF THE TRANSFEROR AND SET OTHER REQUIREMENTS; TO WAIVE NOTICE, DELIVERY, ACCEPTANCE AND CONSIDERATION; TO SET LIMITS ON REVOCATION; TO PROVIDE FOR THE EFFECT OF A TRANSFER ON DEATH DURING A TRANSFEROR'S LIFE; TO PROVIDE FOR THE EFFECT OF SUBSEQUENT CONVEYANCE; TO PROVIDE FOR THE EFFECT AT TRANSFEROR'S DEATH AND THE EFFECT OF LIENS, ENCUMBRANCES AND CREDITORS' CLAIMS; TO AUTHORIZE DISCLAIMER; TO PROVIDE OPTIONAL FORMS; TO PROVIDE FOR REVOCATION OF CERTAIN INSTRUMENTS EXECUTED BEFORE DIVORCE; TO ENACT DEFINITIONS; TO PROVIDE FOR THE LIABILITY OF THE FORMER SPOUSE AND CERTAIN OTHERS; TO MAKE PROVISION FOR CERTAIN MULTIPLE-PARTY ACCOUNTS; TO CREATE STANDARDS FOR DETERMINING AFFINITY AND CONSANGUINITY; TO CREATE THE MISSISSIPPI UNIFORM ESTATE TAX APPORTIONMENT ACT; TO CREATE NEW SECTION 27-10-51, MISSISSIPPI CODE OF 1972, TO ENACT A SHORT TITLE; TO CREATE NEW SECTION 27-10-53, MISSISSIPPI CODE OF 1972, TO CREATE DEFINITIONS; TO CREATE NEW SECTION 27-10-55, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR APPORTIONMENT BY WILL; TO CREATE NEW SECTION 27-10-57, MISSISSIPPI CODE OF 1972, TO CREATE A STATUTORY SCHEME FOR APPORTIONMENT OF ESTATE TAXES; TO CREATE NEW SECTION 27-10-59, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CREDITS AND DEFERRALS; TO CREATE NEW SECTION 27-10-61, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR INSTANCES WHEN PROPERTY IS IMPRACTICABLE OR UNAVAILABLE FOR PAYMENT OF TAX; TO CREATE NEW SECTION 27-10-63, MISSISSIPPI CODE OF 1972, TO MAKE RECAPTURE PROVISIONS; TO CREATE NEW SECTION 27-10-65, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR PAYMENT BY A FIDUCIARY; TO CREATE NEW SECTION 27-10-67, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR COLLECTION BY A FIDUCIARY; TO CREATE NEW SECTION 27-10-69, MISSISSIPPI CODE OF 1972, TO CREATE A RIGHT OF REIMBURSEMENT; TO CREATE NEW SECTION 27-10-71, MISSISSIPPI CODE OF 1972, TO PUT JURISDICTION IN THE CHANCERY COURT; TO CREATE NEW SECTION 27-10-73, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR UNIFORMITY; TO CREATE NEW SECTION 27-10-75, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR SEVERABILITY; TO CREATE NEW SECTION 27-10-77, MISSISSIPPI CODE OF 1972, TO MAKE TRANSITION PROVISIONS; TO CREATE NEW SECTION 91-9-521, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE RIGHTS OF A BENEFICIARY'S CREDITOR OR ASSIGNEE; TO CREATE NEW SECTION 91-9-523, MISSISSIPPI CODE OF 1972, TO CREATE A SPENDTHRIFT PROVISION; TO PROVIDE FOR FOREIGN PERSONAL REPRESENTATIVES AND ANCILLARY ADMINISTRATION; TO ENACT DEFINITIONS; TO PROVIDE FOR DELIVERY, PAYMENT, AND EFFECT OF BOTH; TO PROVIDE FOR POWERS OF A FOREIGN PERSONAL REPRESENTATIVE; TO PROVIDE FOR A NONRESIDENT DECEDENT; TO PROVIDE FOR JURISDICTION OVER A FOREIGN PERSONAL REPRESENTATIVE AND SERVICE OF PROCESS; TO CREATE NEW SECTIONS 91-9-525, 91-9-527, 91-9-529, 91-9-531, 91-9-533 AND 91-9-535, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CREDITOR RIGHTS WITH RESPECT TO BENEFICIAL INTERESTS IN TRUSTS; TO CREATE NEW SECTIONS 91-8-501, 91-8-502, 91-8-503, 91-8-504, 91-8-505, 91-8-506 AND 91-8-507, MISSISSIPPI CODE OF 1972, TO CREATE ARTICLE 5 OF THE UNIFORM TRUST CODE TO PROVIDE FOR SPENDTHRIFT TRUSTS; TO AMEND SECTION 91-8-105, MISSISSIPPI CODE OF 1972, TO CONFORM; TO REPEAL SECTIONS 27-10-1 THROUGH 27-10-25, MISSISSIPPI CODE OF 1972, WHICH CONSTITUTE THE UNIFORM ESTATE TAX APPORTIONMENT ACT; TO REPEAL SECTIONS 89-21-1 THROUGH 89-21-17, MISSISSIPPI CODE OF 1972, WHICH CONSTITUTE THE UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT; TO REPEAL SECTIONS 91-9-501 THROUGH 91-9-511, MISSISSIPPI CODE OF 1972, WHICH CONSTITUTE THE FAMILY TRUST PRESERVATION ACT OF 1998; TO REPEAL SECTION 91-7-259, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR FOREIGN FIDUCIARIES AND LAWSUITS AND DEBTS; AND FOR RELATED PURPOSES.

In the House of Representatives

• Rob Roberson

  Sponsor

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

In the House of Representatives Jan 21 – Feb 12

1. Jan 21Referred to the House committee on Judiciary A
2. Jan 31Reported from committee in the House: title sufficient, do pass
3. Feb 8Read the third time in the House
4. Feb 12Passed the House

In the Senate Feb 13 – Mar 5

1. Feb 13Sent to the Senate
2. Feb 25Referred to the Senate committee on Judiciary, Division A
3. Mar 5Died in committee in the Senate