SENATE BILL NO. 124
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND SECTION 6112, TITLE 12, DELAWARE CODE, RELATING TO THE ALLOCATION OF TRUST INCOME AND PRINCIPAL.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend subsection 6112(a), Title 12, Delaware Code, by striking the word "obligations" from that subsection as it appears between the words "following" and "owned" and substituting in lieu thereof the word "investments".
Section 2. Amend subsection 6112(b), Title 12, Delaware Code, by striking that subsection in its entirety.
Section 3. Amend subsection 6112(c), Title 12, Delaware Code, by redesignating that subsection as subsection "(b)" and by striking the word "obligation" from that subsection in both places where the word "obligation" appears and, in both places, substituting in lieu thereof the word "investment."
Section 4. Amend subsection 6112(c) as the same is redesignated subsection 6112(b) in this Act by adding a new sentence at the end thereof to read as follows: "Any trust instrument executed prior to June 30, 1997 which incorporates by reference subsection (c) of this section shall be deemed as having incorporated by reference this subsection (b).
Section 5. This Act shall apply to trust instruments becoming irrevocable on or after July 7, 1995.
Approved June 30, 1997