Roger Niello
- Republican
- Senator
- District 6
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.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 28, Statutes of 2023.
Enrolled and presented to the Governor at 11 a.m.
In Senate. Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 73. Noes 0. Page 2289.) Ordered to the Senate.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 11. Noes 0.) (June 13).
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 36. Noes 0. Page 814.) Ordered to the Assembly.
Read second time and amended. Ordered to consent calendar.
From committee: Do pass as amended. Ordered to consent calendar. (Ayes 10. Noes 0. Page 686.) (April 11).
Set for hearing April 11.
From printer. May be acted upon on or after March 17.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB522 | HTML |
| 02/14/23 - Introduced | |
| 04/13/23 - Amended Senate | |
| 06/21/23 - Enrolled | |
| 06/29/23 - Chaptered |
| Document | Format |
|---|---|
| 04/07/23- Senate Judiciary | |
| 04/14/23- Sen. Floor Analyses | |
| 06/09/23- Assembly Judiciary |
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