General Assembly>Division of Legislative Services>Publications>Session Summaries>2007>Fiduciaries Generally


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Fiduciaries Generally

Passed

P HB 2767

Fiduciaries; presumption of prudence. Clarifies when fiduciaries will receive the presumption of prudence in investing and extends the presumption to custodians and custodial trustees. The bill provides that the presumption of prudence in investing only applies to a fiduciary (i) in a calendar year in which the value of the intangible personal property under his management does not exceed $100,000 at the beginning of the year, or (ii) who has obtained express authorization from a court with jurisdiction that the presumption of prudence in investing applies.
Patron - Hurt

Failed

F HB 2846

Expenses and commissions allowed by fiduciaries; review by commissioners. Clarifies that the compensation for a fiduciary fixed by the instrument shall not be challenged unless it is shown to be unreasonable and clarifies that if the instrument references a standard published fee schedule that the commissioner's ability to alter the fee will be limited.
Patron - Carrico

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General Assembly>Division of Legislative Services>Publications>Session Summaries>2007>Fiduciaries Generally

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