Bill Summary for S 279 (2013-2014)

Summary date: 

Apr 30 2013
S.L. 2013-91

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 279 (Public) Filed Tuesday, March 12, 2013
A BILL TO BE ENTITLED AN ACT TO UPDATE AND CLARIFY PROVISIONS OF THE LAWS GOVERNING ESTATES, TRUSTS, GUARDIANSHIPS, POWERS OF ATTORNEY, AND OTHER FIDUCIARIES.
Intro. by Hartsell, Barringer.

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Bill summary

Senate committee substitute makes the following changes to the 1st edition.

Deletes all of the provisions of Part I which provided for the protection of rights to digital assets.

Amends GS 28A-18-2(a), wrongful death statute, to provide that all claims filed for the decedents' reasonable hospital, medical, and burial expenses are subject to the approval of the clerk of the superior court (was, all claims filed for hospital and medical expenses shall be approved by the clerk of the superior court). Makes a technical correction.

Amends GS 31-11.6, regarding how wills may be attested, to provide that any will executed in another state and shown by the executor offering the will for probate to have been made self-proved under the laws of that state is considered as self-proved. Deletes language providing that there is a rebuttable presumption that a will executed in another state is self-proving if on its face, the document appears to be a will executed, attested, and notarized under the laws of another state.

Amends GS 36C-8-816(16) to provide that the specific powers of a trustee includes exercising electionsconcerning taxes includingconsideringdiscretionary distributions to a beneficiary as being made from capital gains received during the year.

Makes changes to theNorthCarolina Investment Advisers Act. Amends GS 78C-2(1)k to provide that the term "investment adviser" does not apply to any person not included in the definition of investment adviser under the federal Investment Advisers Act of 1940 or any rule or regulation declared under that act. Amends GS 78C-8(d) to provide that subdivision (c)(1) of this section,making it unlawful for an investment adviser to contract as an investment adviser without the inclusion of certain specifications regarding compensation in the terms of the contract,does not apply to any person who is exempt from registration under GS 78C-16(a)(4) or to the performance, renewal, or extension of any advisory contract entered into by an investment adviser at a time when the investment adviser was exempt from registration under GS 78C-16(a)(4). Amends GS 78C-16 to provide that it is unlawful for any person to transact business in this state as investment adviser unless the person has, during the preceding 12 months, had fewer than 15 clients, and has not presented himself or herself generally to the public as an investment adviser nor acted as an investment adviser to any investment company registered under the Investment Company Act of 1940, or a company that has elected to be a business developmentcompany under section 54 of the Investment Company Act of 1940.

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