HB 489 Trustee's standard of judgment and care required.
William J. Howell | all patrons    ...    notes
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Summary:
Trustee's standard of judgment and care required; authorized investments. Provides that a trustee under an irrevocable life insurance trust does not have a duty to (i) determine whether the policy is and remains a proper investment, (ii) dispose of such policy in order to diversify the investments of the trust, or (iii) exercise policy options under the contract not essential to the continuation of the policy . The bill does not otherwise affect the application of the standard of judgment and care of a fiduciary generally.

Full text:
01/19/98  House: Presented & ordered printed 983827296  pdf
02/10/98  House: Printed as engrossed 983827296-E  pdf
03/16/98  House: Bill text as passed House and Senate (HB489ER)  pdf
04/08/98  Governor: Acts of Assembly Chapter text (CHAP0213)  pdf

Amendments:
House amendments

Status:
01/19/98  House: Presented & ordered printed 983827296
01/19/98  House: Referred to Committee for Courts of Justice
01/26/98  House: Assigned to C. J. sub-committee: 2
02/06/98  House: Reported from C. J. with amendments (23-Y 0-N)
02/09/98  House: Read first time
02/10/98  House: Read second time
02/10/98  House: Committee amendments agreed to
02/10/98  House: Engrossed by House as amended
02/10/98  House: Printed as engrossed 983827296-E
02/11/98  House: Read third time and passed House (Block Vote) (98-Y 0-N)
02/11/98  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
02/11/98  House: Communicated to Senate
02/12/98  Senate: Constitutional reading dispensed
02/12/98  Senate: Referred to Committee for Courts of Justice
02/18/98  Senate: Assigned to C. J. sub-committee: Civil & Property Law
02/25/98  Senate: Reported from Courts of Justice (12-Y 0-N 1-A)
02/26/98  Senate: Const. reading disp., passed by for the day (39-Y 0-N)
02/26/98  Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
02/27/98  Senate: Passed by for the day
03/02/98  Senate: Read third time
03/02/98  Senate: Passed Senate (39-Y 0-N)
03/02/98  Senate: VOTE: PASSAGE R (39-Y 0-N)
03/16/98  House: Bill text as passed House and Senate (HB489ER)
03/23/98  House: Enrolled
03/23/98  House: Signed by Speaker
03/25/98  Senate: Signed by President
04/02/98  Governor: Approved by Governor-Chapter 213 (effective 7/1/98)
04/08/98  Governor: Acts of Assembly Chapter text (CHAP0213)