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• Introduced by Rep. Paul Condino (D) on October 15, 2008, to exempt real property held in certain trusts from the law against "perpetuities.” "Perpetuities" is a legal doctrine intended to prevent assets from being tied-up in long-term family or "dynasty" trusts. However, the law has had the effect of causing trusts to be set up in other states.
  • Referred to the House Judiciary Committee on October 15, 2008.
    • Reported in the House on December 2, 2008, with the recommendation that the substitute (H-2) be adopted and that the bill then pass.
    • Substitute offered in the House on December 3, 2008, to replace the previous version of the bill with one that revises details of the perpetual trust law passed several months earlier, but which does not expand the scope of that law to include real property. This version was subsequently superseded by another substitute with more changes. The substitute passed by voice vote in the House on December 3, 2008.
    • Substitute offered by Rep. Tonya Schuitmaker (R) on December 3, 2008, to replace the previous version of the bill with one that revises details of the perpetual trust law passed several months earlier, but which does not expand the scope of that law to include real property. The substitute passed by voice vote in the House on December 3, 2008.
• Passed 105 to 1 in the House on December 3, 2008, to refine a detail of the new law that allowed for the creation of perpetual trusts involving personal property, so that the new law does what was intended. See House Fiscal Agency analysis for details.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on December 4, 2008.
  • Referred to the Senate Judiciary Committee on December 4, 2008.
    • Reported in the Senate on December 19, 2008, with the recommendation that the bill pass.