Text: S05234 Text: S05236 Text: S05200 - S05299 Text: S Index Bills and Amendments: General Index Bill History: General Index
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PAG LIN 1 1 Amend Senate File 2424 as follows: 1 2 #1. Page 6, by inserting after line 9 the 1 3 following: 1 4 "Sec. . NEW SECTION. 633.699A MODIFICATION OR 1 5 TERMINATION OF TESTAMENTARY TRUST. 1 6 1. On petition by a trustee or beneficiary, and 1 7 after notice to all interested parties as determined 1 8 by the court, the court may modify the provisions of a 1 9 testamentary trust or may terminate a testamentary 1 10 trust in whole or in part if the continuation of the 1 11 trust under its terms would defeat or substantially 1 12 impair the accomplishment of the purposes of the 1 13 trust, or if the purposes of the trust have been 1 14 fulfilled, or have become illegal or impossible to 1 15 fulfill. 1 16 a. The court may order the trustee to do acts that 1 17 are not authorized or are forbidden by the will 1 18 creating the trust, or may order that the trustee be 1 19 prohibited from performing acts that are required by 1 20 the terms of the trust. 1 21 b. The existence of a trust provision restraining 1 22 transfer of the beneficiary's interest does not 1 23 prevent application of this subsection. 1 24 c. If the court orders the termination of the 1 25 trust, disposition of all property shall be made 1 26 according to the will provisions that address the 1 27 disposition of the property in the event the trust is 1 28 terminated. However, if the will does not address the 1 29 disposition of the property in the event the trust is 1 30 terminated, the court shall determine the disposition 1 31 of the trust property. 1 32 2. On petition by a trustee or beneficiary, and 1 33 after notice to all interested parties as determined 1 34 by the court, if the court determines that the fair 1 35 market value of a testamentary trust has become so low 1 36 in relation to the cost of administration that 1 37 continuation of the trust under its existing terms 1 38 will defeat or substantially impair the accomplishment 1 39 of its purposes, the court may, in its discretion, 1 40 order termination of the trust, modification of the 1 41 trust, or appointment of a new trustee. 1 42 a. If the court orders the termination of the 1 43 trust, disposition of all property shall be made 1 44 according to the will provisions that address the 1 45 disposition of the property in the event the trust is 1 46 terminated. However, if the will does not address the 1 47 disposition of the property in the event the trust is 1 48 terminated, the court shall determine the disposition 1 49 of the trust property. 1 50 b. The existence of a trust provision restraining 2 1 transfer of the beneficiary's interest does not 2 2 prevent application of this subsection. 2 3 3. In the case of a charitable testamentary trust, 2 4 the attorney general shall be considered an interested 2 5 party under this section. This section shall not be 2 6 construed to limit intervention by the attorney 2 7 general according to section 633.303." 2 8 #2. By renumbering as necessary. 2 9 2 10 2 11 2 12 ELAINE SZYMONIAK 2 13 SF 2424.501 76 2 14 jls/jw
Text: S05234 Text: S05236 Text: S05200 - S05299 Text: S Index Bills and Amendments: General Index Bill History: General Index
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