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