HB474 Alabama 2021 Session
Bill Summary
Under the Alabama Uniform Trust Code, a beneficiary may not commence a proceeding against a trustee for breach of trust more than two years after the date the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust.
This bill would define the term report to include an account statement or other form of written disclosure made by the trustee to the beneficiary.
Also under the Alabama Uniform Trust Code, certain responsibilities are imposed on a trustee when a trustee is seeking to be released from its duties due to trust termination, trustee resignation, or trustee removal.
This bill would provide a process for a trustee seeking to be released from its duties to a trust.
Relating to the Alabama Uniform Trust Code; to amend Section 19-3B-1005, Code of Alabama 1975, to further provide for reports of the existence of a potential claim for breach of trust; and to add Section 19-3B-1306 to the Code of Alabama 1975, to provide a procedure for the release of a trustee from its duties to a trust.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 13, 2021 | S | Pending third reading on day 23 Favorable from Banking and Insurance |
| April 13, 2021 | S | Read for the second time and placed on the calendar |
| April 8, 2021 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
| April 7, 2021 | H | Motion to Read a Third Time and Pass adopted Roll Call 683 |
| April 7, 2021 | H | Third Reading Passed |
| March 9, 2021 | H | Read for the second time and placed on the calendar |
| March 2, 2021 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB474 Alabama 2021 Session - Introduced |
Source: Alabama Legislature