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Senate moves forward with uniform fiduciary law tweaks in SB45
Summary
Senators approved a first-substitute to SB45 to clarify unitrust definitions and related fiduciary practices; sponsor said changes came from the Uniform Law Commission and practitioner feedback and the bill moved to third reading by unanimous roll call.
SALT LAKE CITY — The Utah Senate advanced a first substitute to Senate Bill 45 on amendments to the Uniform Fiduciary Income and Principal Act, with sponsor Senator Hilliard telling colleagues the changes were technical fixes recommended by the Uniform Law Commission and an estate-planning attorney.
Senator Hilliard said the substitute clarifies unitrust definitions and how appreciation of assets should be treated for income versus corpus calculations. "This bill is to address what we call Unitrust," he said, and described the changes as minor tweaks to conform the statute to current practice and to address practitioner concerns.
The sponsor said Utah had previously passed the uniform law and set an effective date; the substitute updates cross-references and definitions to reflect the Uniform Law Commission’s later revisions. Hilliard noted he had sent the suggested clarifications to the commission’s staff in Chicago and received confirmation that the concerns were legitimate.
There was no extended floor debate; the Senate approved the motion to read the bill for a third time by roll call (26 yea, 0 nay, 3 absent), and the measure will be transmitted to the House. The sponsor said further discussion would continue on subsequent days if necessary.
Next steps: The substitute will go to the House for committee consideration. Detailed technical adjustments and their statutory text are on file with legislative staff and were summarized on a handout distributed on the floor.
