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Text: S05640                            Text: S05642
Text: S05600 - S05699                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index


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Senate Amendment 5641

Amendment Text

PAG LIN
  1  1    Amend Senate File 2463 as follows:
  1  2    #1.  Page 6, by inserting after line 19 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, if the court determines that the fair
  1  9 market value of a testamentary trust has become so low
  1 10 in relation to the cost of administration that
  1 11 continuation of the trust under its existing terms
  1 12 will defeat or substantially impair the accomplishment
  1 13 of its purposes, the court may, in its discretion,
  1 14 order termination of the trust, modification of the
  1 15 trust, or appointment of a new trustee.
  1 16    a.  If the court orders the termination of the
  1 17 trust, disposition of all property shall be made
  1 18 according to the will provisions that address the
  1 19 disposition of the property in the event the trust is
  1 20 terminated.  However, if the will does not address the
  1 21 disposition of the property in the event the trust is
  1 22 terminated, the court shall determine the disposition
  1 23 of the trust property, according to what the court
  1 24 determines would be most consistent with the trustor's
  1 25 original intent.
  1 26    b.  The existence of a trust provision restraining
  1 27 transfer of the beneficiary's interest does not
  1 28 prevent application of this subsection.
  1 29    2.  In the case of a charitable testamentary trust,
  1 30 the attorney general shall be considered an interested
  1 31 party under this section.  This section shall not be
  1 32 construed to limit intervention by the attorney
  1 33 general according to section 633.303."
  1 34    #2.  By renumbering as necessary.  
  1 35 
  1 36 
  1 37                              
  1 38 ELAINE SZYMONIAK
  1 39 SF 2463.701 76
  1 40 jls/sc
     
Text: S05640                            Text: S05642
Text: S05600 - S05699                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index
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