HB340: relative to ownership of property by a managed asset trust.

HB 340 - AS INTRODUCED

2019 SESSION

19-0645

10/05

HOUSE BILL 340

AN ACT relative to ownership of property by a managed asset trust.

SPONSORS: Rep. Williams, Hills. 4

COMMITTEE: Commerce and Consumer Affairs

ANALYSIS

This bill adds recordkeeping requirements for managed asset trusts under the New Hampshire trust code.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19-0645

10/05

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Nineteen

AN ACT relative to ownership of property by a managed asset trust.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 New Subparagraphs; New Hampshire Trust Code; Definitions; Manages Asset Trust; Registered Asset Identifier. Amend RSA 564-B:1-103 by inserting after subparagraph (33) the following new subparagraphs:

(34) "Managed asset trust” or "MAT" means an irrevocable trust created in accordance with this chapter having one or more sponsors, to be the legal owner of a single real property title having a deed description that includes a registered asset identifier. The managed asset trust shall be identified by the registered asset identifier associated with the land title it owns.

(35) “Registered asset identifier” or "RAI" means a Universal Transverse Mercator coordinate, a numeric reference that identifies the geographic location of real property owned by a MAT. The RAI shall be accurate to one square meter and meet standards set by the National Imagery and Mapping Agency as amended. The RAI shall be a permanent identifier written into the deed description and illustrated on a plan of the property boundaries as defined by the associated deed, such plan description and diagram shall be signed by a licensed land surveyor and recorded to the registry of deeds of the county in which the real property is situated.

2 Recordkeeping and Identification of Trust Property. Amend RSA 564-B:8-810(d) to read as follows:

(d) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of 2 or more separate trusts, except for managed asset trusts.

3 Recordkeeping and Identification of Trust Property; Amend RSA 564-B:8-810 adding after paragraph (d) the following new paragraph:

(e) If the trustee maintains records for a managed asset trust, the trust shall identify the trust by the unique registered asset identifier associated with the land title deed owned by the trust.

4 Effective Date. This act shall take effect 60 days after its passage.