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House Bill 1125


House Bill 1125

ARCHIVE (2000)

Latest Information

 

DIGEST OF HB1125 (Updated February 17, 2000 2:39 PM - DI 84)


Charitable trusts. Provides that the trust code applies to charitable trusts. Defines "charitable trust". Defines "trust for a benevolent public purpose". Requires the trustee of a trust for a benevolent public purpose to certify to the attorney general that a written statement of accounts has been prepared and is available to the attorney general and the general public upon request if the charitable trust has assets of at least $500,000. Allows an heir of the settlor or a living beneficiary named in a trust agreement to present evidence to the court of the person's opinion of the settlor's intent and the person's wishes when: (1) property is given to a trust for a benevolent public purpose; (2) the property is to be applied to a particular charitable purpose; (3) it is impossible to carry out that particular purpose; (4) and the court considers applying the Cy Pres doctrine to direct the application of the property to some charitable purpose within the general charitable intention of the settlor.
Current Status:
 Law Enacted
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