AN ACT TO REVISE MISSISSIPPI LAW GOVERNING TRUSTS AND ESTATES; TO CREATE THE MISSISSIPPI REAL PROPERTY TRANSFER-ON-DEATH ACT; TO CREATE NEW SECTION 91-27-1, MISSISSIPPI CODE OF 1972, TO CREATE A SHORT TITLE; TO CREATE NEW SECTION 91-27-3, MISSISSIPPI CODE OF 1972, TO ENACT DEFINITIONS; TO CREATE NEW SECTIONS 91-27-5 AND 91-27-7, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR APPLICABILITY AND NONEXCLUSIVITY; TO CREATE NEW SECTIONS 91-27-9, 91-27-11 AND 91-27-13, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A TRANSFER-ON-DEATH DEED THAT IS BOTH REVOCABLE AND NONTESTAMENTARY; TO CREATE NEW SECTION 91-27-15, MISSISSIPPI CODE OF 1972, TO REQUIRE CAPACITY ON THE PART OF THE TRANSFEROR; TO CREATE NEW SECTION 91-27-17, MISSISSIPPI CODE OF 1972, TO SET OTHER REQUIREMENTS; TO CREATE NEW SECTION 91-27-19, MISSISSIPPI CODE OF 1972, TO ALLOW WAIVER OF NOTICE, DELIVERY, ACCEPTANCE AND CONSIDERATION; TO CREATE NEW SECTION 91-27-21, MISSISSIPPI CODE OF 1972, TO SET LIMITS ON REVOCATION; TO CREATE NEW SECTION 91-27-23, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF A TRANSFER-ON-DEATH DEED DURING A TRANSFEROR'S LIFE; TO CREATE NEW SECTION 91-27-25, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF SUBSEQUENT CONVEYANCE; TO CREATE NEW SECTION 91-27-27, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT AT TRANSFEROR'S DEATH; TO CREATE NEW SECTION 91-27-29, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF LIENS, ENCUMBRANCES AND CREDITORS' CLAIMS; TO CREATE NEW SECTION 91-27-31, MISSISSIPPI CODE OF 1972, TO AUTHORIZE DISCLAIMER; TO CREATE NEW SECTION 91-27-33 AND 91-27-35, MISSISSIPPI CODE OF 1972, TO PROVIDE OPTIONAL FORMS; TO CREATE NEW SECTION 91-27-37, MISSISSIPPI CODE OF 1972, TO SPECIFY THE ACT'S RELATION TO ELECTRONIC SIGNATURES UNDER THE GLOBAL AND NATIONAL COMMERCE ACT; TO CREATE NEW SECTION 91-29-1, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR REVOCATION OF CERTAIN INSTRUMENTS EXECUTED BEFORE DIVORCE; TO CREATE NEW SECTION 91-29-3, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR TREATMENT OF A DECEDENT'S FORMER SPOUSE; TO CREATE NEW SECTION 91-29-5, MISSISSIPPI CODE OF 1972, TO ENACT DEFINITIONS; TO CREATE NEW SECTION 91-29-7, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR REVOCATION OF CERTAIN NONTESTAMENTARY TRANSFERS AND INSTRUMENTS UNDER WHICH THE FORMER SPOUSE MAY HAVE BEEN A BENEFICIARY; TO CREATE NEW SECTION 91-29-9, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF REVOCATION; TO CREATE NEW SECTIONS 91-29-11 AND 91-29-13, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE LIABILITY OF THE FORMER SPOUSE AND CERTAIN OTHERS; TO CREATE NEW SECTION 91-29-15, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CERTAIN TRUST WITH DIVORCED PARTIES AS JOINT SETTLORS; TO CREATE NEW SECTION 91-29-17, MISSISSIPPI CODE OF 1972, TO MAKE PROVISION FOR CERTAIN MULTIPLE-PARTY ACCOUNTS AND TO PROVIDE FOR TREATMENT OF A FORMER SPOUSE UNDER CERTAIN CIRCUMSTANCES; TO CREATE NEW SECTIONS 91-29-19 AND 91-29-21, MISSISSIPPI CODE OF 1972, TO CREATE STANDARDS FOR DETERMINING AFFINITY AND CONSANGUINITY; TO CREATE NEW SECTION 91-29-23, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE PRE-DECREE DESIGNATION OF EX-SPOUSE AS LIFE INSURANCE BENEFICIARY; TO CREATE NEW SECTION 91-29-25, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE PRE-DECREE DESIGNATION OF EX-SPOUSE AS RETIREMENT OR OTHER FINANCIAL PLAN BENEFICIARY; TO CREATE THE MISSISSIPPI UNIFORM ESTATE TAX APPORTIONMENT ACT; TO CREATE NEW SECTION 91-25-1, MISSISSIPPI CODE OF 1972, TO ENACT A SHORT TITLE; TO CREATE NEW SECTION 91-25-3, MISSISSIPPI CODE OF 1972, TO CREATE DEFINITIONS; TO CREATE NEW SECTION 91-25-5, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR APPORTIONMENT BY WILL; TO CREATE NEW SECTION 91-25-7, MISSISSIPPI CODE OF 1972, TO CREATE A STATUTORY SCHEME FOR APPORTIONMENT OF ESTATE TAXES; TO CREATE NEW SECTION 91-25-9, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CREDITS AND DEFERRALS; TO CREATE NEW SECTION 91-25-11, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR INSTANCES WHEN PROPERTY IS IMPRACTICABLE OR UNAVAILABLE FOR PAYMENT OF TAX; TO CREATE NEW SECTION 91-25-13, MISSISSIPPI CODE OF 1972, TO MAKE RECAPTURE PROVISIONS; TO CREATE NEW SECTION 91-25-15, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR PAYMENT BY A FIDUCIARY; TO CREATE NEW SECTION 91-25-17, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR COLLECTION BY A FIDUCIARY; TO CREATE NEW SECTION 91-25-19, MISSISSIPPI CODE OF 1972, TO CREATE A RIGHT OF REIMBURSEMENT; TO CREATE NEW SECTION 91-25-21, MISSISSIPPI CODE OF 1972, TO PUT JURISDICTION IN THE CHANCERY COURT; TO CREATE NEW SECTION 91-25-23, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR UNIFORMITY; TO CREATE NEW SECTION 91-25-25, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR SEVERABILITY; TO CREATE NEW SECTION 91-25-27, MISSISSIPPI CODE OF 1972, TO MAKE TRANSITION PROVISIONS; TO PROVIDE FOR FOREIGN PERSONAL REPRESENTATIVES AND ANCILLARY ADMINISTRATION; TO CREATE NEW SECTION 91-7-501, MISSISSIPPI CODE OF 1972, TO ENACT DEFINITIONS; TO CREATE NEW SECTION 91-7-503, MISSISSIPPI CODE OF 1972, TO ALLOW AN ESTATE DEBTOR TO SETTLE THE OBLIGATION OUTSIDE OF ADMINISTRATION; TO CREATE NEW SECTION 91-7-505, MISSISSIPPI CODE OF 1972, TO RELEASE A DEBTOR ACTING IN GOOD FAITH; TO CREATE NEW SECTION 91-7-507, MISSISSIPPI CODE OF 1972, TO PROHIBIT PAYMENT OR DELIVERY UNDER CERTAIN CIRCUMSTANCES; TO CREATE NEW SECTION 91-7-509, MISSISSIPPI CODE OF 1972, TO ALLOW A DOMICILIARY FOREIGN PERSONAL REPRESENTATIVE TO FILE AUTHENTICATED COPIES OF A FOREIGN APPOINTMENT; TO CREATE NEW SECTION 91-7-511, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR POWERS OF A FOREIGN PERSONAL REPRESENTATIVE; TO CREATE NEW SECTION 91-7-513, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE CASE WHEN AN ADMINISTRATION IS PENDING IN THIS STATE; TO CREATE NEW SECTION 91-7-515, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR A NONRESIDENT DECEDENT; TO CREATE NEW SECTION 91-7-517, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR JURISDICTION OVER A FOREIGN PERSONAL REPRESENTATIVE; TO CREATE NEW SECTION 91-7-519, MISSISSIPPI CODE OF 1972, TO FURTHER PROVIDE FOR JURISDICTION OVER A FOREIGN PERSONAL REPRESENTATIVE; TO CREATE NEW SECTION 91-7-521, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR SERVICE OF PROCESS; TO CREATE NEW SECTION 91-7-523, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EFFECT OF A FOREIGN ADJUDICATION; TO CREATE ARTICLE 5 OF THE UNIFORM TRUST CODE; TO CREATE NEW SECTION 91-8-501, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE RIGHTS OF A BENEFICIARY'S CREDITOR OR ASSIGNEE; TO CREATE NEW SECTION 91-8-502, MISSISSIPPI CODE OF 1972, TO CREATE A SPENDTHRIFT PROVISION; TO CREATE NEW SECTION 91-8-503, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A DISCRETIONARY INTEREST IS A MERE EXPECTANCY; TO CREATE NEW SECTION 91-8-504, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CREDITORS' CLAIMS AGAINST SETTLORS; TO CREATE NEW SECTION 91-8-505, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR DISTRIBUTIONS RELATIVE TO SUPPORT AND CERTAIN REMAINDER INTERESTS; TO CREATE NEW SECTION 91-8-506, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT TRUST PROPERTY IS NOT SUBJECT TO PERSONAL OBLIGATIONS OF THE TRUSTEE; TO CREATE NEW SECTION 91-8-507, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE REMOVAL OR REPLACEMENT POWER OVER A TRUSTEE; TO CREATE NEW SECTION 91-8-508, MISSISSIPPI CODE OF 1972, TO PROHIBIT JUDICIAL FORECLOSURE OF CERTAIN INTERESTS; TO AMEND SECTION 91-8-105, MISSISSIPPI CODE OF 1972, TO CONFORM; TO REPEAL SECTIONS 27-10-1 THROUGH 27-10-25, MISSISSIPPI CODE OF 1972, WHICH CONSTITUTE THE UNIFORM ESTATE TAX APPORTIONMENT ACT; TO REPEAL SECTIONS 89-21-1 THROUGH 89-21-17, MISSISSIPPI CODE OF 1972, WHICH CONSTITUTE THE UNIFORM DISCLAIMER OF PROPERTY INTERESTS ACT; TO REPEAL SECTIONS 91-9-501 THROUGH 91-9-511, MISSISSIPPI CODE OF 1972, WHICH CONSTITUTE THE FAMILY TRUST PRESERVATION ACT OF 1998; TO REPEAL SECTION 91-7-259, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR FOREIGN FIDUCIARIES AND LAWSUITS AND DEBTS; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 91-8-105, 91-7-259
Committee Substitute: 91-8-105, 91-7-259
As Passed by the Senate: 91-8-105, 91-7-259
Approved by the Governor: 91-8-105, 91-7-259