2001 Regular Session

SENATE BILL 585

File Code: Estates and Trusts Prior Year Introduction As: HB 598/00 - JUD Crossfiled with: HOUSE BILL 574
Sponsored By:
Senators Hoffman, Mitchell, and Sfikas
Entitled:
Estates and Trusts - Corporate Fiduciaries and Successor Corporate Fiduciaries - Qualifications and Liabilities

Synopsis:

Authorizing a corporate fiduciary to attribute to its capital and surplus, for purposes of qualifying as a fiduciary with respect to a capital requirement, the capital and surplus of a corporation with its principal offices in the State if the corporate fiduciary is a trust company and a wholly owned subsidiary of the corporation; and making such a corporation jointly and severally liable with a successor corporate fiduciary.

History by Legislative Date

Senate Action
2/2
First Reading Judicial Proceedings
2/7
Hearing 2/14 at 1:00 p.m.
2/19
Favorable Report by Judicial Proceedings
2/20
Favorable Report Adopted
Second Reading Passed
2/22
Third Reading Passed (47-0)
4/1
Returned Passed
5/17
Governor vetoed - Cross-filed bill was signed
House Action
2/23
First Reading Judiciary
3/20
Hearing 3/27 at 1:00 p.m.
4/2
Favorable Report by Judiciary
3/28
Favorable Report Adopted
Second Reading Passed
3/29
Third Reading Passed (136-0)
Sponsored by:
Senator Barbara A. Hoffman, District 42
Senator Clarence M. Mitchell, IV, District 44
Senator Perry Sfikas, District 46
Bill indexed under the following Subjects:
BANKS AND TRUST COMPANIES
CORPORATIONS -see also- MUNICIPAL CORPORATIONS
FIDUCIARIES
LIABILITY -see also- GOOD SAMARITAN
Bill affects the following Statutes:
Estates and Trusts
( 15-1A-01 , 15-1A-03 , 15-1A-04 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)
Amendments: None offered
Roll Call Votes (Legislative dates are shown):
Senate
February 22, 2001: Third Reading Passed (47-0)
House
March 29, 2001: Third Reading Passed (136-0)