Bill Details - HB340 (2019)

HB 340 - AS INTRODUCED

 

 

2019 SESSION

19-0645

10/05

 

HOUSE BILL 340

 

AN ACT relative to ownership of property by a managed asset trust.

 

SPONSORS: Rep. Williams, Hills. 4

 

COMMITTEE: Commerce and Consumer Affairs

 

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ANALYSIS

 

This bill adds recordkeeping requirements for managed asset trusts under the New Hampshire trust code.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19-0645

10/05

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to ownership of property by a managed asset trust.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  New Subparagraphs; New Hampshire Trust Code; Definitions; Manages Asset Trust; Registered Asset Identifier.  Amend RSA 564-B:1-103 by inserting after subparagraph (33) the following new subparagraphs:

(34)  "Managed asset trust” or "MAT" means an irrevocable trust created in accordance with this chapter having one or more sponsors, to be the legal owner of a single real property title having a deed description that includes a registered asset identifier.  The managed asset trust shall be identified by the registered asset identifier associated with the land title it owns.

(35)  “Registered asset identifier” or "RAI" means a Universal Transverse Mercator coordinate, a numeric reference that identifies the geographic location of real property owned by a MAT.  The RAI shall be accurate to one square meter and meet standards set by the National Imagery and Mapping Agency as amended.  The RAI shall be a permanent identifier written into the deed description and illustrated on a plan of the property boundaries as defined by the associated deed, such plan description and diagram shall be signed by a licensed land surveyor and recorded to the registry of deeds of the county in which the real property is situated.

2  Recordkeeping and Identification of Trust Property.  Amend RSA 564-B:8-810(d) to read as follows:

(d)  If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of 2 or more separate trusts, except for managed asset trusts.

3  Recordkeeping and Identification of Trust Property; Amend RSA 564-B:8-810 adding after paragraph (d) the following new paragraph:

(e)  If the trustee maintains records for a managed asset trust, the trust shall identify the trust by the unique registered asset identifier associated with the land title deed owned by the trust.

4  Effective Date.  This act shall take effect 60 days after its passage.

Docket

Date Status
Jan. 2, 2019 Introduced 01/02/2019 and referred to Commerce and Consumer Affairs HJ 2 P. 46
Feb. 5, 2019 Public Hearing: 02/05/2019 01:15 pm LOB 302
Feb. 6, 2019 Subcommittee Work Session: 02/06/2019 09:30 am LOB 302
Feb. 6, 2019 ==RECESSED== Executive Session: 02/06/2019 02:00 pm LOB 302
Feb. 26, 2019 Subcommittee Work Session: 02/26/2019 02:30 pm LOB 302
March 5, 2019 Subcommittee Work Session: 03/05/2019 02:30 pm LOB 302
March 8, 2019 Subcommittee Work Session: 03/08/2019 09:00 am LOB 302-304
March 8, 2019 Executive Session: 03/08/2019 01:30 pm LOB 302-304
Retained in Committee

Action Dates

Date Body Type
Feb. 5, 2019 House Hearing
Feb. 6, 2019 House Exec Session
March 8, 2019 House Exec Session
March 8, 2019 House Exec Session

Bill Text Revisions

HB340 Revision: 4517 Date: Dec. 31, 2018, 12:43 p.m.