Jim Silva
- Republican
Author
Existing law provides rules for the interpretation of wills, trusts, deeds, and other instruments, which are to be used as interpretive aids if the intention of the transferor is not indicated by the instrument. Under existing law, if after the execution of the instrument of gift, specifically given property is sold, or mortgaged by a conservator or by an agent acting within the authority of a durable power of attorney for an incapacitated principal, the transferee of the specific gift has the right to a general pecuniary gift equal to the net sale price of, or the amount of the unpaid loan encumbrance on, the property. This bill would extend these provisions to any case in which specifically given property is encumbered by a deed of trust, mortgage, or other instrument. The bill would also apply these provisions to property that is sold by a trustee acting for an incapacitated settlor of a trust established by the settlor as a revocable trust. The bill would further specify that a transferee of a specific gift has the right to a general pecuniary gift equal to the net sale price of the property unreduced by the payoff of any such encumbrance or the amount of the unpaid encumbrance on the property, as well as the property itself. Under existing law, if an eminent domain award for the taking of specifically given property is paid to a conservator or to an agent acting within the authority of a durable power of attorney for an incapacitated principal, or if the proceeds on fire or casualty insurance on, or recovery for injury to, specifically gifted property are paid to a conservator or to an agent acting within the authority of a durable power of attorney for an incapacitated principal, the recipient of a specific gift has the right to a general pecuniary gift equal to the eminent domain award or the insurance proceeds or recovery. This bill would extend these provisions to eminent domain awards, or insurance proceeds or recovery, paid to a trustee acting for an incapacitated settlor of a trust established by the settlor as a revocable trust. The bill would also specify that in those cases the recipient of the specific gift has the right to a general pecuniary gift equal to the eminent domain award or the insurance proceeds or recovery unreduced by the payoff of any encumbrance paid on the property by the conservator, agent, or trustee, after the execution of the instrument.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 195, Statutes of 2012.
Enrolled and presented to the Governor at 3:10 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 0. Page 5836.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 3 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 36. Noes 0. Page 4286.).
Read second time. Ordered to consent calendar.
From committee: Do pass. To consent calendar. (Ayes 4. Noes 0.) (June 26).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.
In committee: Set, first hearing. Hearing canceled at the request of author.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 4374.)
Read second time. Ordered to consent calendar.
From committee: Do pass. To consent calendar. (Ayes 10. Noes 0.) (April 10).
From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.
From printer. May be heard in committee March 25.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1985 | HTML |
| 02/23/12 - Introduced | |
| 04/09/12 - Amended Assembly | |
| 06/15/12 - Amended Senate | |
| 08/13/12 - Enrolled | |
| 08/27/12 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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