HOUSE BILL 381

Sponsored By:

Delegate Harkins

Entitled:

Recovery by Minor in Tort - Trust Assets

Synopsis:

Allowing a trustee for a minor who recovers in tort to invest or reinvest the proceeds in a stock fund that states, in its prospectus, a principal investment objective of long-term growth or capital appreciation through investments in equity securities; establishing a limit of 30% on the percentage of trust assets that may be invested in specified money market funds, stock mutual funds, or any combination of the two; and providing that the Act applies to trusts in existence on or after October 1, 1997.

Legislative History

House Action

1/23

First Reading Judiciary

1/29

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

2/17

Favorable with Amendments Report by Judiciary

2/18

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

2/21

Third Reading Passed (129-0)

3/31

Returned Passed

5/22

Signed by the Governor Chapter 664

Senate Action

2/24

First Reading Judicial Proceedings

3/12

Hearing 3/20 at 1:00 p.m.

4/3

Favorable Report by Judicial Proceedings

Favorable Report Adopted

Second Reading Passed

4/4

Third Reading Passed (46-0)

Bill indexed under the following Subjects:

ESTATES AND TRUSTS -see also- FIDUCIARIES

INVESTMENTS

MINORS -see also- AGE OF MAJORITY; JUVENILE CAUSES; YOUTH

SECURITIES

TORTS

Bill affects the following Statute:

Estates and Trusts

( 13-404 )

Documents:

Bill Text:

First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)

Amendments:

House

Number: 261981/1 (PDF) Offered on: FEBRUARY 18, 1997 at: 10:52 Status: Adopted