Bill Text - HB340 (2020)

Relative to ownership of property by a managed asset trust.


Revision: Dec. 31, 2018, 12:43 p.m.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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