Rep. Emily McAsey
Filed: 3/16/2012
 
 

 

 

 
09700HB4663ham001LRB097 14226 AJO 67442 a



1
AMENDMENT TO HOUSE BILL 4663




2    AMENDMENT NO. ______. Amend House Bill 4663 on page 6 by 
3replacing lines 15 through 25 with the following:


 
4    "If a charity is a current beneficiary or a presumptive 
5remainder beneficiary of the trust, a trust protector must give 
6notice to the Attorney General's Charitable Trust Bureau at 
7least 60 days before taking any of the actions authorized under 
8item (2), (3), (4), (5), or (6) of this subsection. The 
9Attorney General's Charitable Trust Bureau may, however, waive 
10this notice requirement.
11    (e) Duty and liability of directing party. A directing 
12party is a fiduciary of the trust subject to the same duties 
13and standards applicable to a trustee of a trust as provided by 
14applicable law unless the governing instrument provides 
15otherwise, but the governing instrument may not, however, 
16relieve or exonerate a directing party from the duty to act or 
17withhold acting as the directing party in good faith reasonably 
 
 
09700HB4663ham001- 2 -LRB097 14226 AJO 67442 a

1believes is in the best interests of the trust."; and 
 
2on page 8 by replacing lines 12 through 15 with the following:
 
3"the excluded fiduciary shall also assume the same fiduciary 
4and other duties and standards that applied to such directing 
5party.".