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Minutes for HB2554 - Committee on Judiciary
Short Title
Enacting the uniform fiduciary income and principal act (UFIPA).
Minutes Content for Thu, Mar 12, 2020
Jason Thompson gave a brief of HB2554 explaining that it repeals the 1997 Uniform Fiduciary Income and Principal act and replaces it with the Uniform Fiduciary Income and Principal Act. (Attachment 14)
Jeff Bottenberg spoke in support of HB2554 explaining that the changes remove arcane language and give guidelines on how a trust is written and managed. It also states that when a trust is drafted in another state, Kansas law takes precedence on trust management. (Attachment 15)
Mark Knackendoffel spoke in support HB2554 explaining that it gives lawyers and trust officers a much more flexible document to administer trusts and it also provides the mechanism to implement unitrust rules. It also allows the use and administration of financial instruments that did not exist ten years ago. (Attachment 16)
There was discussion and then the hearing was closed. The committee adjourned at 11:31 AM.
