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h_jud_2018a_2018-04-03t10:59:00z0 Hearing Summary




PUBLIC
BILL SUMMARY For SB18-180

HOUSE COMMITTEE ON JUDICIARY
Date Apr 3, 2018      
Location HCR 0112



SB18-180 - Amended, referred to the Committee of the Whole


10:59:13 AM  

The committee was called to order. A quorum was present. Representatives Wist and Gray, prime sponsors, presented Senate Bill 18-180, concerning the Colorado Trust Code.  Representative Wist explained the effect of the bill, and discussed its need. Representative Gray provided input on the bill's merits.

11:01:13 AM  
Mr. Marc Darling, Mr. Steve Brainerd, and Ms. Constance Eyster, representing the Colorado Bar Association, testified in support of SB 18-180. Mr. Brainerd provided background on laws that guide the administration of trusts, and discussed the development of the Uniform Trust Code. Ms. Eyster discussed the differences between the bill and the model code. Mr. Darling discussed the merits of SB 18-180. Mr. Brainerd responded to questions regarding the rule of perpetuities. Discussion ensued regarding the impact of the legislation on constructive trusts, and the intersection of the bill with Indian law.
11:23:20 AM  

Mr. Darling responded to questions regarding what constitutes a "strong public policy" according to the bill.  Ms. Eyster responded to questions regarding the definition of "good faith" in the bill. Discussion ensued regarding potential conflicts of interest under one provision in the bill.

11:35:00 AM  
Mr. Carl Larson, representing the National Association of Insurance and Financial Advisors, testified in support of SB 18-180.
11:37:07 AM  
Ms. Anne McGihon, representing the Colorado Uniform Law Commission, testified in support of the bill. Ms. McGihon provided a history of the Uniform Trust Code, and addressed questions raised during earlier testimony. Ms. McGihon responded to questions regarding the functioning of the commission.
11:45:59 AM  
Representative Wist explained the effect of amendment L.004 (Attachment A).


11:47:19 AM
Motion Adopt amendment L.004
Moved Wist
Seconded Salazar
Benavidez
Carver
Herod
Lundeen
Melton
Roberts
Weissman
Willett
Wist
Salazar
Lee
YES: 0   NO: 0   EXC: 0   ABS:  0   FINAL ACTION:  Pass Without Objection
11:47:20 AM  

Discussion ensued regarding certain jurisdictional issues invoked by SB 18-180.  Representatives Wist and Gray spoke in support of the bill.



11:51:12 AM
Motion Refer Senate Bill 18-180, as amended, to the Committee of the Whole.
Moved Wist
Seconded Salazar
Benavidez Yes
Carver Yes
Herod Yes
Lundeen Yes
Melton Yes
Roberts Yes
Weissman Yes
Willett Yes
Wist Yes
Salazar Yes
Lee Yes
Final YES: 11   NO: 0   EXC: 0   ABS:  0   FINAL ACTION:  PASS






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