Committee advances bill allowing trustees to be released via statutory protocol
House Bill 6011, which would permit trustees to use a statutory report-and-objection protocol for release instead of costly court accountings, was reported with recommendation after testimony from the sponsor and bank counsel.
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The House Judiciary Committee reported House Bill 6011 with recommendation after hearing sponsor testimony and remarks from bank counsel. Representative Cernegloo (as recorded) described the bill’s statutory trust protocol: a trustee may send interested parties a report that includes net asset value, anticipated receipts/disbursements and remaining fees; if no party objects within the specified period the trustee is released as though a court had approved an accounting or parties signed a release.
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