HB47 Alabama 2023 Session
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Bill Summary
Sponsors
Session
Regular Session 2023
Title
Relating to the Alabama Uniform Trust Code; to amend Section 19-3B-414, Code of Alabama 1975, to further provide for the modification or termination of an uneconomic trust.
Description
Under existing law, the trustee of trust property may terminate a trust having a value of less than $50,000 if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration
This bill would increase the minimum threshold dollar amount to $100,000 and would allow that amount to be increased or decreased in subsequent years based on changes to the Consumer Price Index
Relating to the Alabama Uniform Trust Code; to amend Section 19-3B-414, Code of Alabama 1975, to further provide for the modification or termination of an uneconomic trust.
Subjects
Alabama Uniform Trust Code; modification or termination of an uneconomic trust, further provided.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 12, 2023 | S | Referred to Committee to Senate Banking and Insurance |
| April 12, 2023 | H | Read First Time in Second House |
| April 11, 2023 | H | Read a Third Time and Pass |
| April 11, 2023 | H | On Third Reading in House of Origin |
| April 5, 2023 | H | Read Second Time in House of Origin |
| April 5, 2023 | H | Reported Out of Committee in House of Origin |
| April 5, 2023 | H | Reported Favorably from House Financial Services |
| March 6, 2023 | H | Introduced and Referred to House Financial Services |
| March 6, 2023 | H | Read First Time in House of Origin |
| March 6, 2023 | H | Prefiled |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 5, 2023 | Room 617 at 09:00 | House Financial Services Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB47 Alabama 2023 Session - Introduced |
| Fiscal Note | Fiscal Note - As Introduced |