HB 340 - AS INTRODUCED
HOUSE BILL 340
SPONSORS: Rep. Williams, Hills. 4
COMMITTEE: Commerce and Consumer Affairs
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
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.
(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.
(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.
|Feb. 5, 2019||House||Hearing|
|Feb. 6, 2019||House||Exec Session|
|March 8, 2019||House||Exec Session|
|Oct. 23, 2019||House||Exec Session|
|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|
|June 25, 2019||Full Committee Work Session: 06/25/2019 10:00 am LOB 302|
|Sept. 17, 2019||Subcommittee Work Session: 09/17/2019 10:00 am LOB 302|
|Oct. 23, 2019||Executive Session: 10/23/2019 12:30 pm LOB 302|
|Committee Report: Inexpedient to Legislate (Vote 19-0; CC) HC 50 P. 3|
|Jan. 8, 2020||Inexpedient to Legislate: MA VV 01/08/2020 HJ 1 P. 34|