HB 2299: Miscellaneous Bond
This will revise the amount of the proof of financial responsibility that private prisons are required to obtain. This proof of financial responsibility may be in the form of an insurance policy or a surety bond. Under current law the bond or policy must be for $10 million. This bill will change the amount that needs to be posted to no less than $10 million.
SB 1212: Caps on Appeal Bonds
This would cap the appeal bond required to stay the execution of a judgment in any civil action. Under current law a bond is required to equal to the full amount of the judgment plus costs, interest and any damages related to the pending appeal. This bill will provide that the bond would have to be posted for the lesser of the following amounts: the total amount of damages awarded excluding punitive damages, $25 million or fifty percent of the appellant’s net worth. A large bond amount could infringe on the due process rights of appellants because of the fact that they might not be able to post a bond for the full amount. In these instances appellants could be forced into bankruptcy or to settle their case. This lower bond amount requirement would allow for defendants to appeal a decision without such concerns, according to the findings.
The Uniform Trust Code (UTC) was created by the National Conference of Commissioners on Uniform State Laws in order to create a uniform code for common law principles pertaining to trusts for all fifty states (i.e. for commericial transactions, as well as family estate planning). To better understand how a Uniform Trust works, I will briefly define the three parties involved with the creation and administrative duties. The person who created the trust is the “grantor” (or “settler”). The person who agrees to manage and oversee the trust and all of its assets is known as the “trustee”. Lastly, the person that is slated to receive the benefits of a trust is referred to as the “beneficiary”.
Thus far, 20 states have adopted the UTC in some form, and have begun to executed its laws. In 2008, the UTC was introduced in a number of states as well. Under these recent bills, trustees are only required to obtain a surety bond to guarantee the performance of their duties when the court deems such a bond necessary to protect the beneficiaries interests. A surety bond may also be needed if outlined in the terms of the trust, and court has not done away with the requirement.