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ID S1045

Bill

Official Source

Status

Passed

3/3/2011

Primary Sponsor

Unknown

Origin

Senate

2011 Regular Session

AI Summary

  • Adds new Section 68-106A to Idaho Code Chapter 1, Title 68, establishing fiduciary duties for trustees regarding property substitution in trusts.
  • Requires trustees to have a fiduciary duty to determine that substitute property is of equivalent value before allowing the substitution.
  • Applies this duty regardless of the terms stated in the trust instrument.
  • Applies when a grantor has the power to substitute property of equivalent value within a trust.

Legislative Description

Adds to existing law relating to trusts and fiduciaries to provide for the fiduciary duty of trustees to determine equal value of substituted property.

TRUSTS

Last Action

Governor signed Session Law Chapter 35 Effective: 07/01/11

3/3/2011

Committee Referrals

Judiciary and Rules1/26/2011

Full Bill Text

No bill text available