SENATE
HOUSE
JOINT
BILL STATUS
STATE LAW
REPORTS
EDUCATIONAL
CONTACT
home
home

Introduced Version House Bill 4309 History

OTHER VERSIONS  -  Committee Substitute  |  Enrolled Version - Final Version  |     |  Email
Key: Green = existing Code. Red = new code to be enacted
H. B. 4309


(By Mr. Speaker, Mr. Kiss, and Delegates
Jenkins, Staton, Varner, Trump and Dalton)
[Introduced February 9, 1998; referred to the
Committee on the Judiciary.]



A BILL to amend and reenact section eighteen, article one, chapter thirty-six of the code of West Virginia, one thousand nine hundred thirty-one, as amended; and to amend article five, chapter forty-four of said code by adding thereto a new section, designated section fifteen, all relating to the nonmerger of trusts; and preventing the merger of trusts in which the trustee is also a beneficiary of the trust.

Be it enacted by the Legislature of West Virginia:
That section eighteen, article one, chapter thirty-six of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted; and that article five, chapter forty-four of said code be amended by adding thereto a new section, designated section fifteen, all to read as follows:
CHAPTER 36. ESTATES AND PROPERTY.

ARTICLE 1. CREATION OF ESTATES GENERALLY.

§36-1-18. Trust estates; debts of beneficiaries; spendthrift trusts.

Estates of every kind in real or personal property, holden or possessed in trust, shall be subject to the debts and charges of the persons to whose use or for whose benefit they are holden or possessed, as they would be if those persons owned the like interest in the things holden or possessed, as in the uses or trusts thereof; but where the creator of the trust has expressly so provided in the instrument or conveyance creating the trust, real or personal property may be held in trust upon condition that the income therefrom shall be applied by the trustee to the support and maintenance of a beneficiary or beneficiaries of the trust in being at the time of the creation of the trust, other than the creator of the trust, for the life of such beneficiary or beneficiaries, without being subject to the liabilities of, or alienation by, such beneficiary or beneficiaries: Provided, That no trust, whenever executed or created, may be deemed to be invalid or terminated, and title to trust assets may not be merged, merely because a creditor asserts that the trustee or trustees are the same person or persons as the beneficiaries of the trust.
CHAPTER 44. ADMINISTRATION OF ESTATES AND TRUSTS.

ARTICLE 5. GENERAL PROVISIONS AS TO FIDUCIARIES.

§44-5-15. Nonmerger of trusts.

(a) No trust is invalid or terminated, and title to trust assets is not merged, because the trustee or trustees are the same or persons as the beneficiaries of the trust.
(b) This section applies to all trusts whenever executed or created.



NOTE: The purpose of this bill is to prevent the merger of trusts in which the trustee is also a beneficiary of the trust.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.

§44-5-15 is new; therefore, strike-throughs and underscoring have been omitted.
This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Web Administrator   |   © 2022 West Virginia Legislature ****


X

Print On Demand

Name:
Email:
Phone:

Print