HOUSE BILL 645

File Code: Estates and Trusts Crossfiled with: SENATE BILL 762

Sponsored By:

Delegate Simmons

Entitled:

Estates and Trusts - Fiduciaries - Directions from Advisors

Synopsis:

Establishing that, unless the governing instrument provides otherwise, a specified advisor is a fiduciary when exercising a specified authority; establishing that, except in a case of willful misconduct or gross negligence by a fiduciary, if the governing instrument provides that the fiduciary is to follow the direction of an advisor, the fiduciary is not liable for a loss resulting directly or indirectly from an act the fiduciary made in accordance with the direction of the advisor; etc.

History by Legislative Date

House Action

2/2

First Reading Judiciary

2/3

Hearing 2/14 at 1:00 p.m.

3/6

Withdrawn

Senate Action

No Action

Bill indexed under the following Subjects:

ESTATES AND TRUSTS

FIDUCIARIES

INVESTMENTS -see also- SECURITIES

LIABILITY -see also- GOOD SAMARITAN

Bill affects the following Statute:

Estates and Trusts

( 15-114.1 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled

Fiscal Note (Displayed in PDF Format): Available

Amendments: None offered