View Amendment Current Amendment: JUD0143.007.docx to Bill 143     Senator MALLOY proposed the following amendment (JUD0143.007):

    Amend the Committee Report, as and if amended, by striking page [143-6], lines 1-8 in their entirety and inserting the following:

    //     Amend the bill further, as and if amended, by striking page 411, lines 11-23, in their entirety and inserting the following:

    /             (3)     The terms of the second trust may not contain any provision nor reduce any fixed income, annuity, or unitrust interest of a beneficiary in the assets of an original trust document if the inclusion of the provision or reduction in the original trust document would have disqualified any assets of the original trust for any federal or state income, estate, or gift tax deduction received on account of any assets of the original trust, or if the inclusion of the provision or reduction in the original trust would have reduced the amount of any federal or state income, estate, or gift tax deduction received. In addition, the terms of the second trust may not reduce any retained interest of a beneficiary of the original trust if the interest is a qualified interest under Internal Revenue Code Section 2702.         /

    Amend the bill further, as and if amended, page 413, lines 1-21 in their entirety and inserting the following:

    /         (h)     The provisions of this section shall not be construed to create or imply a duty of the trustee to exercise the power to distribute principal or income, or to create an inference of impropriety made as a result of a trustee not exercising the power to appoint principal or income conferred under subsection (a) of this section. The provisions of this section shall not be construed to abridge the right of any trustee who has a power to appoint property in further trust that arises under the terms of the original trust or under any other section of this article or under another provision of law or under common law. The terms of an original trust may modify or waive the notice requirements under subsection (g), reduce or increase restrictions on altering the interests of beneficiaries under subsection (d), and may otherwise contain provisions that are inconsistent with the requirements of this section.
    (i)         A trustee or beneficiary may commence a proceeding to approve or disapprove a proposed exercise of the trustee's special power to appoint to another trust pursuant to subsection (a) of this section.         /

    Amend the bill further, as and if amended, by striking page 326, lines 10-14 in their entirety and inserting the following:

    /     when the conditions have changed). See also All Saints Parish, Waccamaw, a South Carolina non-profit corporation, a/k/a The Episcopal Church of All Saints and a/k/a The Vestry and Church Wardens of the Episcopal Church of All Saints Parish, 358 S.C. 209, 595 S.E. 2d 253 (Ct. App 2004), rev'd on other grounds, 385 S. C. 428, 685 S.E. 2d 163 (2009).             /                         //

    Renumber sections to conform.
    Amend title to conform.