Virginia Senate Bill 11 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 4 2012 - 100% progression
Action: 2012-04-04 - Governor: Acts of Assembly Chapter text (CHAP0555)
Text: Latest bill text (Chaptered) [HTML]

Self-settled spendthrift trusts; creation of. Provides for the creation of self-settled spendthrift trusts, which protect trust assets against the claims of a settlor who is also a trust beneficiary. This bill allows a settlor to transfer assets to an irrevocable trust to be held for the joint benefit of the settlor and at least one other beneficiary. Currently, a spendthrift clause is ineffective to shield the beneficiary from creditors when the beneficiary is also the settlor. Current law allows the creation of trusts that are protected from the claims of creditors against trust beneficiaries, and this bill extends that policy to trusts of which the settlor is also a discretionary beneficiary.

Self-settled spendthrift trusts; created.

Sen. Richard Stuart [R]

2012-03-01 - House - House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (Y: 101 N: 0 NV: 1 Abs: 0) [PASS]
2012-02-27 - House - House: Reported from Courts of Justice (18-Y 0-N) (Y: 19 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-27 - House - House: Subcommittee recommends reporting (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]
2012-01-24 - Senate - Senate: Read third time and passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2012-01-20 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2012-01-18 - Senate - Senate: Reported from Courts of Justice (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2012-04-04		Governor: Acts of Assembly Chapter text (CHAP0555)
2012-04-04		Governor: Approved by Governor-Chapter 555 (effective 7/1/12)
2012-03-08		Senate: Signed by President
2012-03-06		House: Signed by Speaker
2012-03-06		Senate: Bill text as passed Senate and House (SB11ER)
2012-03-06		Senate: Enrolled
2012-03-01		House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
2012-03-01		House: Passed House BLOCK VOTE (99-Y 0-N)
2012-03-01		House: Read third time
2012-02-29		House: Read second time
2012-02-27		House: Reported from Courts of Justice (18-Y 0-N)
2012-02-27		House: Subcommittee recommends reporting (9-Y 0-N)
2012-02-16		House: Assigned Courts sub: #2 Civil
2012-02-13		House: Referred to Committee for Courts of Justice
2012-02-13		House: Read first time
2012-02-13		House: Placed on Calendar
2012-01-24		Senate: Read third time and passed Senate (40-Y 0-N)
2012-01-23		Senate: Read second time and engrossed
2012-01-20		Senate: Constitutional reading dispensed (39-Y 0-N)
2012-01-18		Senate: Reported from Courts of Justice (15-Y 0-N)
2011-12-19		Senate: Referred to Committee for Courts of Justice
2011-12-19		Senate: Prefiled and ordered printed; offered 01/11/12 12100829D

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?121+sum+SB11
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB11+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB11ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+CHAP0555+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+S03V0016+SB0011
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0053SB0011+SB0011
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0081SB0011+SB0011
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+H0802V0088+SB0011
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+H08V0268+SB0011
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+HV1261+SB0011