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Minutes for SB141 - Committee on Judiciary
Short Title
Enacting the Kansas uniform directed trust act.
Minutes Content for Wed, Mar 2, 2022
Chairperson Patton opened the hearing on SB141. Natalie Scott provided an overview of the bill. She stood for questions. (Attachment 1)
Proponent
Christine Graham explained the Kansas Judicial Council and its Probate Law Advisory Committee (PLAC) recommend SB141, which contains the Uniform Directed Trust Act (UDTA). The UDTA clearly delineates the powers, fiduciary duties and liabilities of trust directors and directed trustees. It has broad provisions regarding the powers that can be granted to a trust director and promotes uniformity in the use of terminology, which can vary widely from state to state. The UDTA has been adopted in 15 states, including Nebraska and Colorado. Without the UTDA, Kansas law is inadequate to support clients who want to structure a directed trust with bifurcated trustee powers and duties. Ms. Graham's testimony includes the UTDA document. Ms. Graham stood for questions. (Attachment 2)
Proponent Written
Joe Molina, Kansas Bar Association (Attachment 3)
Chairperson Patton closed the hearing on SB141.
Chairperson Patton asked the membership to be ready for final action on HB2556, HB245, SB300, and SB141 at tomorrow's meeting. March 3rd 2022.
Chairperson Patton adjourned the meeting at 4:45 pm.
