Small Business Reading Room

The Delaware Corporate Legislation Tracker - March 27, 2015

SB 43
Title:  AN ACT TO AMEND TITLE 10 OF THE DELAWARE CODE RELATING TO ORGANIZATION, POWERS, JURISDICTION AND OPERATION OF COURTS.

Synopsis:

This bill reconciles general provisions applicable to Commissioners found in section 1991 with more specific provisions found in 10 Del. C. § 511(a) and § 1315(a) regarding the appointment of a commissioner when there is a vacancy in office and residency requirements. Family Court’s specific provision relating to Commissioners found in section 915 is being updated, to ensure consistency and uniformity in practice.


Bill History:

Mar 26, 2015 - Passed by Senate. Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Mar 25, 2015 - Reported Out of Committee (JUDICIARY) in Senate with 6 On Its Merits
Mar 19, 2015 - Assigned to Judiciary Committee in Senate

SB 42
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO FIDUCIARY RELATIONS.

Synopsis:

This bill: (i) clarifies but does not substantively alter the existing law regarding the permissibility of the terms of a governing instrument to vary the right of a beneficiary to be informed of the beneficiary’s interest in a trust for a period of time; (ii) provides a nonexclusive list of certain circumstances that constitute a “period of time”; and (iii) provides that a person acting as a designated representative of a beneficiary shall represent and bind the beneficiary for purposes of any judicial proceeding or any nonjudicial matter and shall have standing to bring an action on behalf of the beneficiary.

The bill also adds a new §3339 to Title 12 to: (i) include a definition of a “designated representative,” a concept that has been adopted by statute in several states, (ii) clarify that the terms of a trust instrument may authorize certain persons to designate or appoint one or more persons as a “designated representative,” (iii) provide that a person who is so appointed as a “designated representative” only becomes a “designated representative” upon delivery of his or her written acceptance of such appointment to the trustee, and (iv) provide a presumption that a “designated representative” acts in a fiduciary capacity.

Section 2 of the Act provides for the effective date of the Act.


Bill History:

Mar 26, 2015 - Passed by Senate. Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Mar 25, 2015 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 1 Favorable, 3 On Its Merits
Mar 18, 2015 - Assigned to Banking and Business Committee in Senate

SS 1 for SB 16
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO FIDUCIARY RELATIONS.

Synopsis:

This Act amends Section 2306 of Delaware’s probate code to clarify that if a decedent owned real estate in Delaware, either solely or as tenants in common, the small estate affidavit authorized by Section 2306 of Delaware’s probate code should not be issued and, therefore, the grant of letters for the estate shall be necessary, pursuant to Chapter 15 of Title 12 of the Delaware Code.

This bill is a substitute bill because unexplained printing errors appeared in the final version of the bill.


Bill History:

Mar 25, 2015 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
Mar 24, 2015 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Mar 18, 2015 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
Jan 29, 2015 - Re-Assigned to Judiciary committee in Senate
Jan 29, 2015 - was introduced and adopted in lieu of SB 16

Delaware LLC/LP/GP Franchise Tax - Due June 1st