ALLEN FLOOR AMENDMENT
HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B. 2512
(Reference to printed bill)
Page 1, line 4, strike "settlor or" insert "family grantor,"; after "trustee" insert "or agent"
Strike lines 7 and 8, insert:
"A. A beneficiary may not claim damages from a gift of PROPERTY that is made through a governing instrument by a grantor who is a member of the beneficiary's family.
B. Property that is obtained by a beneficiary through a governing instrument from a grantor who is a member of the beneficiary's family is presumed to be a gift. This presumption may be rebutted by clear and convincing evidence.
C. A beneficiary's claim arising from a governing instrument against a grantor who is a member of the beneficiary's family is limited to the value of property, if any, the beneficiary contributed to the governing instrument.
D. Unless it is found by clear and convincing evidence to be contrary to the grantor's intent, a beneficiary who violates subsection A of this section:"
Reletter to conform
Line 9, strike "THE BENEFICIARY"; strike "SETTLOR WITHOUT"
Line 10, strike "ISSUE" insert "grantor"; strike "TRUSTS AND"
Line 11, strike "SETTLOR" insert "grantor"; after "BENEFICIARY" strike remainder of line insert a period
Strike lines 12 through 20, insert:
"2. Shall pay all damages caused by the civil action, including reasonable attorney fees and costs."
Page 1, line 21, strike "SUBSECTION A OF"
Line 22, strike "A" insert "the grantor's"; strike "that" insert "or agent who"
Line 23, strike "SETTLOR" insert "grantor"
Strike lines 24 through 29, insert:
"F. A dispute concerning a governing instrument in which the grantor is a member of the beneficiary's family may be resolved at any time by mandatory alternative dispute resolution procedures that are consistent with the grantor's intent without the consent of the beneficiary."
Reletter to conform
Line 30, strike the comma insert: ":
1."
Strike lines 37 through 40, insert:
"2. "Grantor" means an individual who transfers property to a beneficiary through a governing instrument."
Amend title to conform
John M. Allen |