Vermont H 622: An act relating to service dog training

Bill Text

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VT LEG #385621 v.1
H.622 1
Introduced by Representative Bartley of Fairfax 2
Referred to Committee on 3
Date: 4
Subject: Trusts; stewardship trusts 5
Statement of purpose of bill as introduced: This bill proposes to authorize the 6
creation of stewardship trusts in Vermont. 7
An act relating to stewardship trusts 8
It is hereby enacted by the General Assembly of the State of Vermont: 9
Sec. 1. 14A V.S.A. § 409 is amended to read: 10
§ 409. NONCHARITABLE TRUST WITHOUT ASCERTAINABLE 11
BENEFICIARY 12
Except as otherwise provided in section 408 of this title or by another 13
statute, the following rules apply: 14
(1) A trust may be created for a noncharitable purpose without a definite 15
or definitely ascertainable beneficiary or for a noncharitable but otherwise 16
valid purpose to be selected by the trustee. The trust may not be enforced for 17
more than 21 500 years. 18

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VT LEG #385621 v.1
(2) A trust authorized by this section may be enforced by a person 1
appointed in the terms of the trust or, if no person is so appointed, by a person 2
appointed by the Probate Division of the Superior Court. 3
(3) Property of a trust authorized by this section may be applied only to 4
its intended use, except to the extent the Probate Division of the Superior Court 5
determines that the value of the trust property exceeds the amount required for 6
the intended use. Except as otherwise provided in the terms of the trust, 7
property not required for the intended use must be distributed to the settlor, if 8
then living, otherwise to the settlor’s successors in interest. 9
Sec. 2. 14A V.S.A. § 409a is added to read: 10
§ 409a. STEWARDSHIP TRUST 11
(a) A stewardship trust may be created under this section for a business 12
purpose without a definite or definitely ascertainable beneficiary. The business 13
purpose may seek economic and noneconomic benefits. 14
(b) A stewardship trust may hold an ownership interest of any corporation, 15
partnership, limited partnership, cooperative, limited liability company, limited 16
liability partnership, or joint venture. 17
(c)(1) A stewardship trust may be enforced by one or more trust enforcers 18
appointed in the terms of the trust, and the terms of the trust may provide a 19
process for appointing successor trust enforcers. If at any time no person is 20
serving as trust enforcer, the court shall name one or more trust enforcers. 21

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(2) Each trust enforcer shall enforce the purpose and the terms of the 1
trust and shall exercise authority as a fiduciary. If more than one person is 2
serving as a trust enforcer, action may be taken by a majority of the persons 3
serving as trust enforcers. 4
(3) A trust enforcer shall not be a beneficiary of a trust created pursuant 5
to this section, but a trust enforcer may have the rights of a qualified 6
beneficiary. 7
(d)(1)(A) A stewardship trust shall have a trust stewardship committee with 8
at least three persons as members. Each member of the trust stewardship 9
committee shall exercise authority as a fiduciary. 10
(B) The terms of the trust may appoint the initial members of the 11
trust stewardship committee and may provide a process for appointing 12
successor members. 13
(2)(A) A vacancy on the trust stewardship committee shall be filled if 14
the trust stewardship committee has fewer than three members. 15
(B) A vacancy on the trust stewardship committee that is required to 16
be filled by subdivision (A) of this subdivision (2) shall be filled in the 17
following order of priority: 18
(i) by a person designated in the terms of the trust or selected 19
through a process provided in the terms of the trust; 20

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VT LEG #385621 v.1
(ii) by a person appointed by unanimous agreement of the trust 1
enforcers; or 2
(iii) by a person appointed by the court. 3
(3) Unless the terms of the trust provide otherwise and except as 4
provided in subdivision (4)(D) of this subsection or in subsection (f) of this 5
section, the trust stewardship committee may take action by a majority vote of 6
its members. 7
(4) Unless the terms of the trust provide otherwise, and in order to carry 8
out the purposes of the trust, the trust stewardship committee may, after notice 9
to the trust enforcers: 10
(A) remove a trustee, with or without cause; 11
(B) appoint one or more successor trustees or cotrustees; 12
(C) remove a trust enforcer, with or without cause; 13
(D) remove a member of the stewardship committee, by unanimous 14
vote of all other members of the trust stewardship committee; 15
(E) direct distributions from the trust; and 16
(F) exercise all rights belonging to the trustee, including the right to 17
vote stock owned by the trust. 18
(5) Unless the trust agreement provides otherwise, a member of the trust 19
stewardship committee or a trust enforcer may resign: