ARIZONA HOUSE OF REPRESENTATIVES SECOND REGULAR SESSION - 1998

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_DP For Committee on WAYS AND MEANS

___ For Committee on

_X_ For Caucus and COW

__ As Passed the House

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Bill Summary for HB 2667

estate tax; repeal consent requirements Sponsors: Daniels, McGibbon
: Carruthers, Eberhart, Gerard, Hanley, Hart, Horne, Norris, Valadez, Senator Spitzer

HB 2667 repeals sections 42-1513 and 42-1514 in title 42, Arizona Revised Statutes. In addition, HB 2667 repeals sections 42-4009 and 42-4010 in the title 42 recodification. By repealing these sections, HB 2667 eliminates the following procedures:

1. Current law requires that banks and other companies which rent safe deposit boxes to be notified of the death of anyone who has access to the safe deposit box before allowing access to the box. In addition, it requires any other persons who have rights of access to the box, to first notify the bank or company of the death of the person having access before trying to access the box themselves. Any institution which fails to comply with this requirement may be held liable to pay interest due on securities, deposits, or other assets due on the estate.

2. Current law prohibits corporations from re-issuing or transferring any new certificate for any share of its capital stock belonging to a decedent without first receiving written consent for the Department of Revenue or its designee. In addition, it prohibits banks and safe-deposit companies from releasing the custody of any escrow, deposits, securities, assets, or property without first getting approval from the department

HB 2667 passed the Ways and Means Committee unamended.

Prepared by: Melodie Jones, Steve Purkeypile

hb2667.cow 2/23/98 bh

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