Delaware House Bill 169 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 10-2)
Status: Passed on August 30 2017 - 100% progression
Action: 2017-08-30 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

Section 1 of the Act (i) clarifies that the defined term agents, as used in chapter 33 of title 12, consistent with common usage of the term, includes all agents defined as such by the general law of agency; (ii) modifies section 3312 to provide that the rules of that section, permitting certain investments and transactions with affiliates, apply in cases where the investment or counterparty to the transaction is affiliated with an agent having discretionary investment authority over a fund either by reason of a delegation to the agent by a fiduciary or by reason of a direct grant of such discretion to the agent; (iii) adds a new section 3313A, patterned upon section 3313, regarding the duties and liability of a trustee in cases where the trust instrument grants another co-trustee exclusive authority to take specified actions on behalf of the trust; (iv) grants trustees the general power to indemnify lenders as customary commercial loan documents sometimes require such indemnities; (v) clarifies the circumstances in which a trustee may merge trusts pursuant to section 3325(29); (vi) corrects typographical errors in sections 3332 and 3333; (vii) clarifies the circumstances in which certain trust beneficiaries may appoint a successor trustee pursuant to section 3336; (viii) makes section 3338 regarding nonjudicial settlement agreements available to charitable trusts and noncharitable purpose trusts subject to certain limitations described therein; (ix) revises section 3341 to address how a trust merger affects a power of appointment exercisable over property of a trust merged with and into another trust; and (x) revises section 3342 to make certain stylistic changes and address the power of an agent or guardian to consent to a trust modification on behalf of a trustor.

An Act To Amend Titles 12,25 And 30 Of The Delaware Code Relating To Decedents Estates And Fiduciary Relations, Property And State Taxes.

Rep. Bryon Short [D]	Sen. Brian Bushweller [D]	Sen. Stephanie Hansen [D]	Sen. Bryan Townsend [D]
Rep. Sean Lynn [D]	Rep. Melanie Smith [D]	Sen. Anthony Delcollo [R]	Sen. David Sokola [D]
Rep. Quinton Johnson [D]	Rep. Helene Keeley [D]	Sen. Charles Paradee [D]	Rep. Michael Ramone [R]

2017-07-01 - Senate - Senate Third Reading (Y: 19 N: 0 NV: 0 Abs: 2) [PASS]
2017-06-15 - House - House Third Reading (Y: 34 N: 0 NV: 1 Abs: 6) [PASS]

Date	Chamber	Action
2017-08-30		Signed by Governor
2017-07-01		Passed By Senate. Votes: 19 YES 2 ABSENT
2017-06-21		Reported Out of Committee (Banking, Business & Insurance) in Senate with 5 On Its Merits
2017-06-15		Assigned to Banking, Business & Insurance Committee in Senate
2017-06-15		Passed By House. Votes: 34 YES 6 ABSENT
2017-05-17		Reported Out of Committee (Economic Development/Banking/Insurance/Commerce) in House with 8 On Its Merits
2017-05-10		Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

Type	Source
Summary	http://legis.delaware.gov/BillDetail?LegislationId=25759
Text	http://legis.delaware.gov/json/BillDetail/GenerateHtmlDocument?legislationId=25759&legislationTypeId=1&docTypeId=2&legislationName=HB169
Roll Call	http://legis.delaware.gov/json/RollCall/GetRollCallVoteByRollCallId#18810
Roll Call	http://legis.delaware.gov/json/RollCall/GetRollCallVoteByRollCallId#19138