Brian Jones
- Republican
- Senator
- District 40
Author
Existing law, the Uniform Principal and Income Act, generally sets forth the powers and duties of a fiduciary of a trust. These powers and duties are related to, among other matters, the allocation of receipts and disbursements between principal and income, making adjustments between principal and income, and converting a trust to a unitrust. This bill would repeal the Uniform Principal and Income Act, and would recast, revise, and expand those provisions as the Uniform Fiduciary Income and Principal Act, for similar purposes. The bill would define relevant terminology in this regard. The bill would expressly provide that its provisions, with specified exceptions, apply when California is the principal place of administration of a trust or estate or the situs of property that is not held in a trust or estate and is subject to a life estate or other term interest, as specified. The bill would declare that by accepting the trusteeship of a trust having its principal place of administration in, or by moving the principal place of administration of a trust to, California, a trustee submits to the application of the bill to any matter within the scope of the bill involving the trust.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 35. Noes 0. Page 3671.) Ordered to the Assembly.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 11. Noes 0. Page 3596.) (May 3).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
Set for hearing May 3.
From printer.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
Article IV Section 8(a) of the Constitution and Joint Rule 55 dispensed with February 7, 2022, suspending the 30 calendar day requirement.
| Bill Text Versions | Format |
|---|---|
| SB1159 | HTML |
| 02/17/22 - Introduced | |
| 04/18/22 - Amended Senate |
| Document | Format |
|---|---|
| 04/29/22- Senate Judiciary | |
| 05/06/22- Sen. Floor Analyses |
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