SB 986 — AN ACT CONCERNING REVISIONS TO THE CONNECTICUT UNIFORM TRUST CODE, RULE AGAINST PERPETUITIES, CONNECTICUT UNIFORM POWER OF ATTORNEY ACT, CONNECTICUT BUSINESS CORPORATION ACT AND CONNECTICUT REVISED NONSTOCK CORPORATION ACT.

490 law within the meaning of 11 USC 541(c)(2), as amended from time to time.

(c)Public AAct nongeneralNo. power of appointment or a general testamentary power of appointment is invalid unless:

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986 (c) A nongeneral power of appointment or a general testamentary power of appointment is invalid unless:

or (2) thepowerisirrevocablythepowerisirrevocablyexercisedorotherwiseterminateswithinninety exercisedorotherwiseterminateswithinninety years after its creation.

(e) If, in measuring a period from the creation of a trust or other property arrangement, language in a governing instrument (1) seeks to disallow the vesting or termination of any interest or trust beyond, (2) seeks to postpone the vesting or termination of any interest or trust until, or (3) seeks to operate in effect in any similar fashion upon, the later of (A) the expiration of a period of time not exceeding twenty-one sSB986years /after Filethe No.death of the survivor of specified lives in being at the creation of the trust or other property arrangement or (B) the expiration of a period of time that exceeds or might exceed twenty-one years after the death of the survivor of lives in being at the creation of the trust or other property arrangement, that language is inoperative to the extent it produces a period of time that exceeds twenty-one years after the death of the survivor described in subparagraph (A) of this subsection.

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490 years after the death of the survivor of specified lives in being at the creation of the trust or other property arrangement or (B) the expiration of a period of time that exceeds or might exceed twenty-one years after the death of the survivor of lives in being at the creation of the trust or other property arrangement, that language is inoperative to the extent it produces a period of time that exceeds twenty-one years after the death of the survivor described in subparagraph (A) of this subsection.

(f) With respect to any trust created on or after January 1, 2020, this section and sections 45a-492 to 45a-495, inclusive, shall apply to a nonvested property interest or power of appointment contained in a trust by substituting "eight hundred years" in place of "ninety years" in each place such term appears in this section and sections 45a-492 to 45a- 495,Public inclusive,Act unlessNo. the terms of the trust expressly require that all beneficial interests in the trust vest or terminate within a lesser period.

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986 495, inclusive, unless the terms of the trust expressly require that all beneficial interests in the trust vest or terminate within a lesser period.

(2) if the grantor is(A)a naturalperson,subscribed,withnaturalperson,subscribed,withor or without aseal,by thegrantor with his own hand or with his mark with his name annexed to it or by his agent authorized for that purpose by a power (i) executed, sSB986acknowledged /and Filewitnessed No.in the manner provided for conveyances, or [, if the grantor is] (ii) executed, acknowledged and witnessed in the same manner provided for in section 1-350d, as amended by this act, and subsection (a) of section 1-350r;

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490 acknowledged and witnessed in the manner provided for conveyances, or [, if the grantor is] (ii) executed, acknowledged and witnessed in the same manner provided for in section 1-350d, as amended by this act, and subsection (a) of section 1-350r;

(b)Public [AnnualAct shareholders'No. meetings] Unless the board of directors determines that an annual shareholders' meeting shall be held solely by means of remote communication in accordance with subsection (c) of section 33-703, as amended by this act, such meeting (1) may be held in or out of this state at the place stated in or fixed in accordance with the bylaws, [.

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986 (b) [Annual shareholders' meetings] Unless the board of directors determines that an annual shareholders' meeting shall be held solely by means of remote communication in accordance with subsection (c) of section 33-703, as amended by this act, such meeting (1) may be held in or out of this state at the place stated in or fixed in accordance with the bylaws, [.

or (2) if the holders of at least tenper centofallthevotesentitledto becast onanyissueproposed to be considered at the proposed special meeting sign, date and deliver to the corporation's secretary one or more written demands for the meeting describing the purpose or purposes for which it is to be held, except that if the corporation has a class of voting stock registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended from time to time, and no person held ten per cent or more of sSB986[such /votes] Fileall No.the votes entitled to be cast by the holders of such class of voting stock on February 1, 1988, the corporation need not hold such meeting except upon demand of the holders of not less than thirty-five per cent of such votes.

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490 [such votes] all the votes entitled to be cast by the holders of such class of voting stock on February 1, 1988, the corporation need not hold such meeting except upon demand of the holders of not less than thirty-five per cent of such votes.

(c) [Special shareholders' meetings] Unless the board of directors determinesPublic thatAct aNo. special shareholders' meeting shall be held solely by means of remote communication in accordance with subsection (c) of section 33-703, as amended by this act, such meeting (1) may be held in or out of this state at the place stated in or fixed in accordance with the bylaws, [.

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986 determines that a special shareholders' meeting shall be held solely by means of remote communication in accordance with subsection (c) of section 33-703, as amended by this act, such meeting (1) may be held in or out of this state at the place stated in or fixed in accordance with the bylaws, [.

(b) [The] Unless the bylaws require a meeting of shareholders to be sSB986held /at Filea place, the court may fix the time [and] of the meeting, determine whether the meeting will be held at a place or solely by remote communication, and, if the meeting is to be held at a place, the place of the meeting, determine the shares entitled to participate in the meeting, specify a record date or dates for determining shareholders entitled to notice of and to vote at the meeting, prescribe the form and content of the meeting notice, fix the quorum required for specific matters to be considered at the meeting, or direct that the votes Public Act No.

49021-39 1213 sSB986of File26 Substitute Senate Bill No.

490986 held at a place, the court may fix the time [and] of the meeting, determine whether the meeting will be held at a place or solely by remote communication, and, if the meeting is to be held at a place, the place of the meeting, determine the shares entitled to participate in the meeting, specify a record date or dates for determining shareholders entitled to notice of and to vote at the meeting, prescribe the form and content of the meeting notice, fix the quorum required for specific matters to be considered at the meeting, or direct that the votes represented at the meeting constitute a quorum for action on those matters, and enter other orders necessary to accomplish the purpose or purposes of the meeting.

sSB986(b) /Unless Filesections No.33-600 to 33-998, inclusive, or the certificate of incorporation requires otherwise, notice of an annual meeting need not include a description of the purpose or purposes for which the meeting is called.

490(c) 13Notice sSB986of Filea special shareholders' meeting shall include a Public Act No.

49021-39 (b)14 Unless sections 33-600 to 33-998, inclusive, or the certificate of incorporation26 requiresSubstitute otherwise,Senate noticeBill ofNo. an annual meeting need not include a description of the purpose or purposes for which the meeting is called.

(c)986 Notice of a special shareholders' meeting shall include a description of the purpose or purposes for which the meeting is called.

(1) To verify that each person participating remotely is a shareholder, and sSB986(2) /to Fileprovide such shareholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders, including an opportunity to communicate, and to read or hear the Public Act No.

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490986 (2) to provide such shareholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders, including an opportunity to communicate, and to read or hear the proceedings of the meeting, substantially concurrent with such proceedings.

A sSB986Public /Act File No.

49021-39 1516 sSB986of File26 Substitute Senate Bill No.

490986 shareholder, his agent or attorney is entitled on written demand to inspect and, subject to the requirements of subsection (d) of section 33- 946, to copy a list, during regular business hours and at his expense, during the period it is available for inspection.

(2) if originally adopted by the incorporator or incorporators or by the board of directors, either by the shareholdersPublic orAct byNo. the board of directors.

(b)21-39 A17 bylawof adopted26 orSubstitute amendedSenate byBill the shareholders that fixes a sSB986 / File No.

490986 16shareholders sSB986or Fileby No.the board of directors.

490(b) A bylaw adopted or amended by the shareholders that fixes a greater quorum or voting requirement for the board of directors may provide that it may be amended or repealed only by a specified vote of either the shareholders or the board of directors.

(d) The failure to hold an annual or regular meeting at the time stated inPublic orAct fixedNo. in accordance with a corporation's bylaws does not affect the validity of any corporate action.

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986 in or fixed in accordance with a corporation's bylaws does not affect the validity of any corporate action.

sSB986(a) /A Filecorporation No.that has members entitled to vote shall hold a special meeting of members entitled to vote at the meeting:

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490 (a) A corporation that has members entitled to vote shall hold a special meeting of members entitled to vote at the meeting:

Sec.Public Act No.

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986 Sec.

(a) The superior court for the judicial district where a corporation's principalofficeor,ifnoneinthisstate,itsregisteredofficeislocatedmay summarilyorderameetingtobeheld:(1)Onsummarilyorderameetingtobeheld:(1)Onapplicationofany applicationofany member entitled to vote at an annual meeting if an annual meeting was not held within the earlier of six months after the end of the corporation's fiscal sSB986year /or Filefifteen No.months after its last annual meeting;

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490 year or fifteen months after its last annual meeting;

(a) Any action which, under any provision of sections 33-1000 to 33- 1290,Public inclusive,Act mayNo. be taken at a meeting of members may be taken without a meeting by one or more consents in writing, setting forth the action so taken or to be taken, signed by all of the persons who would be entitled to vote upon such action at a meeting, or by their duly authorized attorneys which action for purposes of this subsection shall be referred to as "unanimous written consent".

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986 1290, inclusive, may be taken at a meeting of members may be taken without a meeting by one or more consents in writing, setting forth the action so taken or to be taken, signed by all of the persons who would be entitled to vote upon such action at a meeting, or by their duly authorized attorneys which action for purposes of this subsection shall be referred to as "unanimous written consent".

A unanimouswrittenconsent shallhave thesame force andeffect asavote of the members at a meeting duly held, and may be stated as such in any sSB986certificate /or Filedocument No.filed under sections 33-1000 to 33-1290, inclusive.

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490 certificate or document filed under sections 33-1000 to 33-1290, inclusive.

(c)Public [IfAct notNo. otherwise fixed under section 33-1063 or 33-1067, therecord date for determining members entitled to take action without a meeting is the date the first member signs the consent or ballot under subsection (a) or (b) of this section] Approval by ballot pursuant to this section of action other than election of directors is valid only when the number of votes cast by ballot equals or exceeds the quorum required to be present at a meeting authorizing the action, and the number of approvals equals or exceeds the number of votes that would be required to approve the matter at a meeting atwhich the total number of votes cast was the same as the number of votes cast by ballot.

A21-39 ballot21 signed under this section shall have the same force and effect as a vote of the26 memberSubstitute whoSenate signedBill it at a meeting duly held, and may be stated as such in any certificate or sSB986 / File No.

490986 20(c) sSB986[If Filenot No.otherwise fixed under section 33-1063 or 33-1067, therecord date for determining members entitled to take action without a meeting is the date the first member signs the consent or ballot under subsection (a) or (b) of this section] Approval by ballot pursuant to this section of action other than election of directors is valid only when the number of votes cast by ballot equals or exceeds the quorum required to be present at a meeting authorizing the action, and the number of approvals equals or exceeds the number of votes that would be required to approve the matter at a meeting atwhich the total number of votes cast was the same as the number of votes cast by ballot.

490A ballot signed under this section shall have the same force and effect as a vote of the member who signed it at a meeting duly held, and may be stated as such in any certificate or document filed under sections 33-1000 to 33-1290, inclusive.

(g) The absence from the minutes of any indication that a member objected to holding the meeting shall prima facie establish that no such objectionPublic wasAct made.No.

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986 objection was made.

(b) Unless sections 33-1000 to 33-1290, inclusive, the certificate of incorporation or bylaws require otherwise, notice of an annual or regular meeting need not include a description of the purpose or sSB986purposes /for Filewhich No.the meeting is called, except that, unless stated in a written notice of the meeting, (1) no bylaw may be brought up for adoption, amendment or repeal, and (2) no matter, other than the election of directors at an annual meeting, may be brought up which expressly requires the vote of members pursuant to said sections.

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490 purposes for which the meeting is called, except that, unless stated in a written notice of the meeting, (1) no bylaw may be brought up for adoption, amendment or repeal, and (2) no matter, other than the election of directors at an annual meeting, may be brought up which expressly requires the vote of members pursuant to said sections.

If a new record date for the adjourned meeting is ormustbefixedundersection33-1067,however,noticeoftheadjournedPublic meetingAct mustNo. be given under this section to persons who are members entitled to vote as of the new record date.

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986 ormustbefixedundersection33-1067,however,noticeoftheadjourned meeting must be given under this section to persons who are members entitled to vote as of the new record date.

and (2) to provide such members a reasonable opportunity to participate in the meeting and to vote on matters submitted to the members, including an sSB986opportunity /to Filecommunicate No.and to read or hear the proceedings of the meeting substantially concurrently with such proceedings.

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490 opportunity to communicate and to read or hear the proceedings of the meeting substantially concurrently with such proceedings.

The list shall be arranged by classes of members, if any, and show the address of and number of votes to which eachPublic suchAct memberNo. is entitled.

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986 each such member is entitled.

(c) [The] If the meeting is to be held at a place, the corporation shall make the members' list available [at] during the meeting, and any member entitled to vote at the meeting or his agent or attorney is sSB986entitled /to Fileinspect No.the list at any time during the meeting or any adjournment.

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490 entitled to inspect the list at any time during the meeting or any adjournment.

(d) If the corporation refuses to allow a member entitled to vote at the meeting or his agent or attorney to inspect the members' list before or at the meeting, or copy the list as permitted by subsection (b) of this section, the superior court for the judicial district where a corporation's principal office or, if none in this state, its registered office, is located, on application of the member, may summarily order the inspection or copyingPublic atAct theNo. corporation's expense and may postpone the meeting for which the list was prepared until the inspection or copying is complete.

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986 copying at the corporation's expense and may postpone the meeting for which the list was prepared until the inspection or copying is complete.

(c) Action by the board of directors under subdivision (2) of subsection (a) of this section to adopt or amend a bylaw that changesthe quorum or voting requirement for the board of directors must meet the sSB986same /quorum Filerequirement No.and be adopted by the same vote required to take action under the quorum and voting requirement then in effect or proposed to be adopted, whichever is greater.

490Approved 24June sSB98614, File2021 Public Act No.

49021-39 same26 quorumof requirement26 and be adopted by the same vote required to take action under the quorum and voting requirement then in effect or proposed to be adopted, whichever is greater.

This act shall take effect as follows and shall amend the following sections:

Section 1 January 1, 2022 45a-499c Sec.

2 January 1, 2022 45a-499j(a) Sec.

3 January 1, 2022 45a-499u(a) Sec.

4 January 1, 2022 45a-499gg Sec.

5 January 1, 2022 45a-499nn(a) Sec.

6 January 1, 2022 45a-487k(10) Sec.

7 from passage and 45a-491 applicable to any trust created on or after January 1, 2020 Sec.

8 October 1, 2021 1-350d Sec.

9 October 1, 2021 47-5(a) Sec.

10 from passage 33-695(b) Sec.

11 from passage 33-696(a) to (c) Sec.

12 from passage 33-697 Sec.

13 from passage 33-699 Sec.

14 from passage 33-703 Sec.

15 from passage 33-704 Sec.

16 from passage 33-808 Sec.

17 from passage 33-1061 Sec.

18 from passage 33-1062 Sec.

19 from passage 33-1063 Sec.

20 from passage 33-1064 Sec.

21 from passage 33-1065 Sec.

22 from passage New section Sec.

23 from passage 33-1070 Sec.

24 from passage 33-1152 JUD Joint Favorable Subst.

sSB986 / File No.

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490 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.

In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.

Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.

OFA Fiscal Note State Impact:

None Municipal Impact:

None Explanation The bill makes changes to private business proceedings and does not result in a fiscal impact to the state or municipalities.

The Out Years State Impact:

None Municipal Impact:

None sSB986 / File No.

490 26 sSB986 File No.

490 OLR Bill Analysis sSB 986 AN ACT CONCERNING REVISIONS TO THE CONNECTICUT UNIFORM TRUST CODE, RULE AGAINST PERPETUITIES, CONNECTICUT UNIFORM POWER OF ATTORNEY ACT, CONNECTICUT BUSINESS CORPORATION ACT AND CONNECTICUT REVISED NONSTOCK CORPORATION ACT.

SUMMARY:

This bill allows a business or nonstock corporation’s board of directors to determine that a shareholder or member meeting, as applicable, may be held entirely remotely, unless the bylaws require the meeting to be held at a physical location.

The bill makes related changes regarding electronic access to the required list of shareholders or membersformeetings.

Theseprovisionsgenerallycodifythegovernor’s executive orders on remote meetings (EO 7I, § 11 (Mar.

21, 2020);

EO 7NN, § 2 (May 13, 2020)).

The bill specifies when the shareholders or members alone, or also the board, may amend certain bylaw provisions, including those prohibiting remote-only meetings.

It changes certain procedures for nonstock corporation actions without a meeting.

It makes various changes to the state’s Uniform Trust Code, such as (1) defining “terms of the trust” under the code and other trust laws and (2) requiring designated representatives to act in good faith on the beneficiary’s behalf.

The bill:

1.

specifies that if someone is signing a power of attorney on behalf of a principal, both must be physically present at the signing;

2.

allows land conveyances by natural persons to be signed by an sSB986 / File No.

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490 agent authorized by a power of attorney;

and 3.

makes a minor change to a definition in the Connecticut Qualified Dispositions in Trust Act (QDTA) (§ 6).

It makes a technical correction to a 2019 change to the rule against perpetuities (§ 7).

That provision generally extended, from 90 to 800 years, the period within which certain interests must vest to be valid.

Lastly, the bill makes other minor, technical, and conforming changes.

EFFECTIVE DATE:

Upon passage for the corporation and rule against perpetuities provisions, and the latter applies to any trusts created on or after January 1, 2020;

October 1, 2021, for the power of attorney and land conveyance provisions;

and January 1, 2022, for the trust code and QDTA provisions.

§§ 10-24 — CORPORATIONS The bill allows a business or nonstock corporation’s board of directorstodeterminethatanyshareholderormemberannualor special meeting be held entirely remotely, subject to the conditions below, unless the bylaws require the meeting to be held at a physical location.

The bill makes several related conforming changes.

Current statute does not authorize entirely remote meetings but it does allow business corporation boards to authorize any class or series of shareholders to participate in a meeting remotely.

The bill extends this latter provision to non-stock corporations (§ 22).

Existing law sets certain parameters for shareholders participating remotely (CGS § 33-703(b)).

The bill extends these provisions to (1) nonstock corporation members and (2) meetings held entirely remotely for both business and nonstock corporations.

Under these provisions, remote participants are deemed to be present and may vote at the meeting if the corporation implements reasonable measures to:

1.

verify that each participant is a shareholder (or member as sSB986 / File No.

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490 applicable) and 2.

provide a reasonable opportunity for them to participate in the meeting and vote on submitted matters, including an opportunity to communicate and read or hear the proceedings substantially concurrent with the proceedings.

Court-Ordered Meetings (§§ 12 & 19) Existing law allows courts to order a corporation meeting to be held in certain circumstances (e.g., upon a shareholder’s or member’s application because the required annual meeting was not held within a specified timeframe).

The bill allows courts to order remote-only meetings unless the bylaws require meeting at a physical location.

These meetings must follow the guidelines above and any other court-imposed guidelines and procedures.

Notice Requirements (§§ 15 & 23) By law, after setting a meeting date, a corporation must prepare an alphabetical list of all shareholders or members, as applicable, entitled to vote at the meeting.

It must make the list available for inspection two business days after giving notice of the meeting to (1) any shareholder or (2) any member entitled to vote.

The bill generally gives corporations the option of making the list available on a reasonably accessible electronic network, rather than just at its principal office or another location near the meeting as under current law.

For remote-only meetings, the bill requires that the list be made available for inspection on the electronic network during the meeting.

In either case, a corporation providing the list electronically must provide, in the meeting notice, information on how to access it.

Additionally, a corporation may take reasonable steps to ensure that the electronic list is available only to its shareholders or members.

sSB986 / File No.

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490 Bylaw Amendments (§§ 16 & 24) The bill provides that business corporation bylaws that prohibit remote-only meetings may be amended or repealed as follows:

1.

only by the shareholders, if shareholders originally adopted the provision, or 2.

by either the shareholders or the board, if the incorporator, incorporators, or board originally adopted it.

Current law provides that if the board originally adopted the bylaws, then either the board or shareholders may amend or repeal provisions that set greater board quorum or voting requirements than provided by law.

The bill extends these provisions to such bylaws originally adopted by theincorporator or incorporators.Asundercurrent law, boardaction to adopt or amend these provisions must meet the quorum requirement and be adopted by the vote required under the unamended bylaws or under the proposed amendment, whichever is greater.

The bill contains analogous provisions for nonstock corporations (§ 24).

Nonstock Corporation Action Without Meeting (§ 20) By law, any nonstock corporate action that may be taken at a members’ meeting, including an election, may also be taken without a meeting if the members consent.

The bill changes certain procedures regarding these actions and makes related minor and technical changes.

The bill requires the corporation to deliver a notice with a written ballot to all members entitled to vote on the matter, setting forth the proposed actions, and allowing members to vote on each proposal or director candidate, as applicable.

Under the bill, for matters other than director elections, votes conducted this way are valid only if the number of votes cast and approvals at least equals the required number for a comparable meeting.

The bill eliminates a current provision, which provides that sSB986 / File No.

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490 unless the certificate of incorporation provides otherwise, votes conducted this way must be determined based on the total number of votes, rather than the total number entitled to vote.

It requires solicitations for votes by ballot to (1) indicate the quorum requirements, (2)statethepercentage ofapprovalsnecessary to approve each matter other than director elections, and (3) specify the ballot receipt deadline.

The bill prohibits these ballots from being revoked, unless the certificate of incorporation or bylaws allow revocation.

Current law provides that, if not otherwise set by law, therecord date for determining which members are entitled to take action without a meeting is the date the first member signs the consent or ballot.

The bill instead sets it as the date the (1) first member signs the consent or (2) corporation delivers the required notice.

§§ 1-5 — TRUST CODE Definitions (§ 1) PA 19-137 adopted the Connecticut Uniform Trust Code,establishing numerous rules on creating, modifying, terminating, and enforcing trusts.

Under current law, the trust code’s definitions apply to the code itself and to the Connecticut Uniform Directed Trust Act.

The bill applies the definitions to various other trust-related statutes (the entirety of Chapter 802c of the statutes).

Several provisions in the trust code refer to the “terms of a trust.” For example, the trust code generally allows the terms of a trust to override its provisions, with 14 enumerated exceptions (CGS § 45a-499e).

The bill defines the “terms of a trust,” except as provided below, as the manifestation of the settlor’s intent regarding a trust’s provisions as (1) expressed in the trust instrument or (2) established by other evidence that would be admissible in a judicial proceeding.

Alternatively, the terms of a trust are its provisions as established, sSB986 / File No.

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490 determined, or amended by:

1.

a trustee or other person authorized under the trust instrument, a statute, or a court order;

2.

a court order;

or 3.

a nonjudicial settlement agreement, or court approval of the combination of a testamentary trust with another trust or division of a testamentary trust into separate trusts, pursuant to applicable provisions of the trust code.

Designated Representatives (§§ 2 & 3) Under the trust code, a trust instrument generally may (1) designate someone other than the settlor to represent and bind a beneficiary or (2) authorize someone, other than a trustee or the settlor, to designate someone to represent and bind a beneficiary.

The representative may receive notices or other reports on the beneficiary’s behalf.

(These provisions do not apply if the beneficiary is a charity.) The bill requires the designated representative to act in good faith on the beneficiary’s behalf.

Insituationswhereatrusteemustsendanoticetothetrust’squalified beneficiaries, the bill eliminates the requirement for the trustee to also send it to any designated representatives.

Instead, it authorizes the trustee to send notices to those representatives who are qualified to represent a beneficiary, instead of sending it to the beneficiary.

Limitation on Beneficiary’s Creditor (§ 5) The bill prohibits a beneficiary’s creditor, other than a settlor’s creditor if the settlor is also a beneficiary, from attaching or compelling a distribution of property that is subject to a power of withdrawal that has lapsed, been waived, or released over all or part of the trust property.

(A power of withdrawal is a presently exercisable power of appointment that meets certain requirements.) Existing law additionally prohibits these creditors from attaching or sSB986 / File No.

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490 compelling a distribution that is subject to certain powers in three specific situations.

§ 8 — POWERS OF ATTORNEY Current law requires a power of attorney to be signed by (1) the principal or (2) someone else at the principal’s direction and in his or her conscious presence.

The bill specifies that if someone else is signing for the principal, they both must be physically present at the same location when the document is signed.

§ 9 — LAND CONVEYANCES Under current law, if the party conveying land (i.e., the grantor) is a natural person, the conveyance must be signed by the grantor or his or her agent authorized for that purpose by a power executed, acknowledged, and witnessed in the manner required for conveyances.

The bill additionally allows the conveyance to be signed by an agent authorized by a validly executed, acknowledged, and witnessed power of attorney.

COMMITTEE ACTION Judiciary Committee Joint Favorable Substitute Yea 36 Nay 0 (03/29/2021) sSB986 / File No.

490 33