Georgine Kryda, CBA Trust & Estate Section and co-chair of the subcommittee reviewing the act, stated the subcommittee was impressed with the wording in the act. It has completed its review and retained approximately 95% of the act as proposed, but does recommend some changes. The section has approved the recommendations and is now waiting for CBA Legislative Policy Committee approval. Mr. White has the subcommittee's notes on the act and can share them with the commission.
Darla Daniel, Co-legislative Liaison for CBA Trust & Estate Section, added that the act is not expected to be controversial and the section found the language to be an improvement on the existing principal and income act.
Commissioner Gardner moved to draft the Uniform Fiduciary Income and Principal Act. Commissioner Whitfield seconded and the motion passed without objection. Commissioner Gardner agreed to sponsor the bill.