SENATE BILL 762

File Code: Estates and Trusts Crossfiled with: HOUSE BILL 645

Sponsored By:

Senator Garagiola

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 by the fiduciary made in accordance with the direction of the advisor; etc.

History by Legislative Date

Senate Action

2/3

First Reading Judicial Proceedings

2/8

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

2/27

Favorable Report by Judicial Proceedings

2/28

Favorable

Special Order 3/2 (Senator Della) Adopted

3/2

Favorable Report Adopted

Floor Amendment (Senator Della) Adopted

Second Reading Passed with Amendments

3/6

Third Reading Passed (40-7)

House Action

3/7

First Reading Judiciary

3/22

Hearing 3/29 at 1:00 p.m.

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 (Displayed in WordPerfect 8 Format):

Senate

Number: 053627/01 (PDF)     Offered on: March 2, 2006   at: 10:51 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

Senate

March 6, 2006: Third Reading Passed (40-7)