H.B. No. 0139            Uniform Trust Code.

Sponsored by: BROWN

AN ACT relating to the Uniform Trust Code; providing for insurable interests of trustees; providing a definition; permitting spouses to transfer property held in tenancy by entirety to a trust without losing creditor claim protections; clarifying that no common law rule limiting the duration of noncharitable purpose trusts is in force in this state; limiting creditor access to trust property if the transfer to an irrevocable trust does not violate fraudulent transfers laws; providing that retaining power to pay certain taxes does not disqualify a qualified spend thrift trust; providing for a standard of clear and convincing evidence of fraudulent transfers to a qualified spendthrift trust; limiting effect of child support orders on assets in a qualified spendthrift trust; clarifying protection of financial institution creditors with respect to trust assets listed in an application for credit; providing for premortem validation of a trust; providing for distribution of trust assets as specified; and providing for an effective date.

Note: To view the Bill as prepared for Introduction please click the Bill Number Link above.

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