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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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.
| Date | Body | Type |
|---|---|---|
| Feb. 5, 2019 | House | Hearing |
| Feb. 6, 2019 | House | Exec Session |
| March 8, 2019 | House | Exec Session |
| Oct. 23, 2019 | House | Exec Session |
| House | Floor Vote |
Jan. 8, 2020: Inexpedient to Legislate: MA VV 01/08/2020 HJ 1 P. 34
: Committee Report: Inexpedient to Legislate (Vote 19-0; CC) HC 50 P. 3
Oct. 23, 2019: Executive Session: 10/23/2019 12:30 pm LOB 302
Sept. 17, 2019: Subcommittee Work Session: 09/17/2019 10:00 am LOB 302
June 25, 2019: Full Committee Work Session: 06/25/2019 10:00 am LOB 302
: Retained in Committee
March 8, 2019: Executive Session: 03/08/2019 01:30 pm LOB 302-304
March 8, 2019: Subcommittee Work Session: 03/08/2019 09:00 am LOB 302-304
March 5, 2019: Subcommittee Work Session: 03/05/2019 02:30 pm LOB 302
Feb. 26, 2019: Subcommittee Work Session: 02/26/2019 02:30 pm LOB 302
Feb. 6, 2019: ==RECESSED== Executive Session: 02/06/2019 02:00 pm LOB 302
Feb. 6, 2019: Subcommittee Work Session: 02/06/2019 09:30 am LOB 302
Feb. 5, 2019: Public Hearing: 02/05/2019 01:15 pm LOB 302
Jan. 2, 2019: Introduced 01/02/2019 and referred to Commerce and Consumer Affairs HJ 2 P. 46