Senate Bill 2851

AN ACT TO REVISE MISSISSIPPI LAW GOVERNING TRUSTS AND ESTATES; TO CREATE THE MISSISSIPPI REAL PROPERTY TRANSFER-ON-DEATH ACT; TO CREATE NEW SECTION 91-27-1, MISSISSIPPI CODE OF 1972, TO CREATE A SHORT TITLE; TO CREATE NEW SECTION 91-27-3, MISSISSIPPI CODE OF 1972, TO ENACT DEFINITIONS; TO CREATE NEW SECTIONS 91-27-5 AND 91-27-7, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR APPLICABILITY AND NONEXCLUSIVITY; TO CREATE NEW SECTIONS 91-27-9, 91-27-11 AND 91-27-13, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A TRANSFER-ON-DEATH DEED THAT IS BOTH REVOCABLE AND NONTESTAMENTARY; TO CREATE NEW SECTION 91-27-15, MISSISSIPPI CODE OF 1972, TO REQUIRE CAPACITY ON THE PART OF THE TRANSFEROR; TO CREATE NEW SECTION 91-27-17, MISSISSIPPI CODE OF 1972, TO SET OTHER REQUIREMENTS; TO CREATE NEW SECTION 91-27-19, MISSISSIPPI CODE OF 1972, TO ALLOW WAIVER OF NOTICE, DELIVERY, ACCEPTANCE AND CONSIDERATION; TO CREATE NEW SECTION 91-27-21, MISSISSIPPI CODE OF 1972, TO SET LIMITS ON REVOCATION; TO CREATE NEW SECTION 91-27-23, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF A TRANSFER-ON-DEATH DEED DURING A TRANSFEROR'S LIFE; TO CREATE NEW SECTION 91-27-25, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF SUBSEQUENT CONVEYANCE; TO CREATE NEW SECTION 91-27-27, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT AT TRANSFEROR'S DEATH; TO CREATE NEW SECTION 91-27-29, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF LIENS, ENCUMBRANCES AND CREDITORS' CLAIMS; TO CREATE NEW SECTION 91-27-31, MISSISSIPPI CODE OF 1972, TO AUTHORIZE DISCLAIMER; TO CREATE NEW SECTION 91-27-33 AND 91-27-35, MISSISSIPPI CODE OF 1972, TO PROVIDE OPTIONAL FORMS; TO CREATE NEW SECTION 91-27-37, MISSISSIPPI CODE OF 1972, TO SPECIFY THE ACT'S RELATION TO ELECTRONIC SIGNATURES UNDER THE GLOBAL AND NATIONAL COMMERCE ACT; TO CREATE NEW SECTION 91-29-1, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR REVOCATION OF CERTAIN INSTRUMENTS EXECUTED BEFORE DIVORCE; TO CREATE NEW SECTION 91-29-3, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR TREATMENT OF A DECEDENT'S FORMER SPOUSE; TO CREATE NEW SECTION 91-29-5, MISSISSIPPI CODE OF 1972, TO ENACT DEFINITIONS; TO CREATE NEW SECTION 91-29-7, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR REVOCATION OF CERTAIN NONTESTAMENTARY TRANSFERS AND INSTRUMENTS UNDER WHICH THE FORMER SPOUSE MAY HAVE BEEN A BENEFICIARY; TO CREATE NEW SECTION 91-29-9, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF REVOCATION; TO CREATE NEW SECTIONS 91-29-11 AND 91-29-13, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE LIABILITY OF THE FORMER SPOUSE AND CERTAIN OTHERS; TO CREATE NEW SECTION 91-29-15, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CERTAIN TRUST WITH DIVORCED PARTIES AS JOINT SETTLORS; TO CREATE NEW SECTION 91-29-17, MISSISSIPPI CODE OF 1972, TO MAKE PROVISION FOR CERTAIN MULTIPLE-PARTY ACCOUNTS AND TO PROVIDE FOR TREATMENT OF A FORMER SPOUSE UNDER CERTAIN CIRCUMSTANCES; TO CREATE NEW SECTIONS 91-29-19 AND 91-29-21, MISSISSIPPI CODE OF 1972, TO CREATE STANDARDS FOR DETERMINING AFFINITY AND CONSANGUINITY; TO CREATE NEW SECTION 91-29-23, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE PRE-DECREE DESIGNATION OF EX-SPOUSE AS LIFE INSURANCE BENEFICIARY; TO CREATE NEW SECTION 91-29-25, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE PRE-DECREE DESIGNATION OF EX-SPOUSE AS RETIREMENT OR OTHER FINANCIAL PLAN BENEFICIARY; TO CREATE THE MISSISSIPPI UNIFORM ESTATE TAX APPORTIONMENT ACT; TO CREATE NEW SECTION 91-25-1, MISSISSIPPI CODE OF 1972, TO ENACT A SHORT TITLE; TO CREATE NEW SECTION 91-25-3, MISSISSIPPI CODE OF 1972, TO CREATE DEFINITIONS; TO CREATE NEW SECTION 91-25-5, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR APPORTIONMENT BY WILL; TO CREATE NEW SECTION 91-25-7, MISSISSIPPI CODE OF 1972, TO CREATE A STATUTORY SCHEME FOR APPORTIONMENT OF ESTATE TAXES; TO CREATE NEW SECTION 91-25-9, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CREDITS AND DEFERRALS; TO CREATE NEW SECTION 91-25-11, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR INSTANCES WHEN PROPERTY IS IMPRACTICABLE OR UNAVAILABLE FOR PAYMENT OF TAX; TO CREATE NEW SECTION 91-25-13, MISSISSIPPI CODE OF 1972, TO MAKE RECAPTURE PROVISIONS; TO CREATE NEW SECTION 91-25-15, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR PAYMENT BY A FIDUCIARY; TO CREATE NEW SECTION 91-25-17, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR COLLECTION BY A FIDUCIARY; TO CREATE NEW SECTION 91-25-19, MISSISSIPPI CODE OF 1972, TO CREATE A RIGHT OF REIMBURSEMENT; TO CREATE NEW SECTION 91-25-21, MISSISSIPPI CODE OF 1972, TO PUT JURISDICTION IN THE CHANCERY COURT; TO CREATE NEW SECTION 91-25-23, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR UNIFORMITY; TO CREATE NEW SECTION 91-25-25, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR SEVERABILITY; TO CREATE NEW SECTION 91-25-27, MISSISSIPPI CODE OF 1972, TO MAKE TRANSITION PROVISIONS; TO PROVIDE FOR FOREIGN PERSONAL REPRESENTATIVES AND ANCILLARY ADMINISTRATION; TO CREATE NEW SECTION 91-7-501, MISSISSIPPI CODE OF 1972, TO ENACT DEFINITIONS; TO CREATE NEW SECTION 91-7-503, MISSISSIPPI CODE OF 1972, TO ALLOW AN ESTATE DEBTOR TO SETTLE THE OBLIGATION OUTSIDE OF ADMINISTRATION; TO CREATE NEW SECTION 91-7-505, MISSISSIPPI CODE OF 1972, TO RELEASE A DEBTOR ACTING IN GOOD FAITH; TO CREATE NEW SECTION 91-7-507, MISSISSIPPI CODE OF 1972, TO PROHIBIT PAYMENT OR DELIVERY UNDER CERTAIN CIRCUMSTANCES; TO CREATE NEW SECTION 91-7-509, MISSISSIPPI CODE OF 1972, TO ALLOW A DOMICILIARY FOREIGN PERSONAL REPRESENTATIVE TO FILE AUTHENTICATED COPIES OF A FOREIGN APPOINTMENT; TO CREATE NEW SECTION 91-7-511, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR POWERS OF A FOREIGN PERSONAL REPRESENTATIVE; TO CREATE NEW SECTION 91-7-513, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE CASE WHEN AN ADMINISTRATION IS PENDING IN THIS STATE; TO CREATE NEW SECTION 91-7-515, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR A NONRESIDENT DECEDENT; TO CREATE NEW SECTION 91-7-517, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR JURISDICTION OVER A FOREIGN PERSONAL REPRESENTATIVE; TO CREATE NEW SECTION 91-7-519, MISSISSIPPI CODE OF 1972, TO FURTHER PROVIDE FOR JURISDICTION OVER A FOREIGN PERSONAL REPRESENTATIVE; TO CREATE NEW SECTION 91-7-521, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR SERVICE OF PROCESS; TO CREATE NEW SECTION 91-7-523, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF A FOREIGN ADJUDICATION; TO CREATE ARTICLE 5 OF THE UNIFORM TRUST CODE; TO CREATE NEW SECTION 91-8-501, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE RIGHTS OF A BENEFICIARY'S CREDITOR OR ASSIGNEE; TO CREATE NEW SECTION 91-8-502, MISSISSIPPI CODE OF 1972, TO CREATE A SPENDTHRIFT PROVISION; TO CREATE NEW SECTION 91-8-503, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A DISCRETIONARY INTEREST IS A MERE EXPECTANCY; TO CREATE NEW SECTION 91-8-504, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CREDITORS' CLAIMS AGAINST SETTLORS; TO CREATE NEW SECTION 91-8-505, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR DISTRIBUTIONS RELATIVE TO SUPPORT AND CERTAIN REMAINDER INTERESTS; TO CREATE NEW SECTION 91-8-506, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT TRUST PROPERTY IS NOT SUBJECT TO PERSONAL OBLIGATIONS OF THE TRUSTEE; TO CREATE NEW SECTION 91-8-507, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE REMOVAL OR REPLACEMENT POWER OVER A TRUSTEE; TO CREATE NEW SECTION 91-8-508, MISSISSIPPI CODE OF 1972, TO PROHIBIT JUDICIAL FORECLOSURE OF CERTAIN INTERESTS; 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 Senate

• Sally Doty

  Sponsor

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

In the Senate Feb 17 – Mar 11

1. Feb 17Referred to the Senate committee on Judiciary, Division A
2. Feb 27Reported from committee in the Senate: title sufficient, do pass as a committee substitute
3. Mar 11Committee substitute adopted in the Senate
4. Passed the Senate

In the House of Representatives Mar 12 – Jun 16

1. Mar 12Sent to the House
2. Mar 17Referred to the House committee on Judiciary A
3. Jun 9Reported from committee in the House: title sufficient, do pass
4. Jun 16Passed the House

To the Governor Jun 17 – Jun 29

1. Jun 17Returned to the Senate for enrolling
2. Jun 23Enrolled bill signed in the Senate
3. Enrolled bill signed in the House
4. Jun 29Approved by the Governor