S.Amdt. 127
What it does: Adds SEC. 332. ASSET PROTECTION TRUSTS on page 205, between lines 16 and 17
Sen. Charles E. Schumer (D-NY)What it changes
1 change to S. 256
Adds SEC. 332. ASSET PROTECTION TRUSTS on page 205, between lines 16 and 17
Adds a sectionPrinted pageInserted: SEC. 332. ASSET PROTECTION TRUSTS.
Inserted: Section 548 of title 11, United States Code, as amended by this Act, is further amended by adding at the end the following:
Inserted: "(e) The trustee may avoid a transfer of an interest of the debtor in property made by an individual debtor within 10 years before the date of the filing of the petition to an asset protection trust if the amount of the transfer or the aggregate amount of all transfers to the trust within such 10-year period exceeds $1,000,000, to the extent that debtor has a beneficial interest in the trust and the debtor's beneficial interest in the trust does not become property of the estate by reason of section 541(c)(2). For purposes of this subsection, a fund or account of the kind specified in section 522(d)(12) is not an asset protection trust.".
Inserted: For purposes of this amendment, an asset protction trust is defined as:
Inserted: A trust settled by the debtor for the benefit of the debtor directly or indirectly, where the beneficial interests of the trust are otherwise protected by state law from begin alienated, either voluntarily or involuntarily, before they are distributed to the beneficiaries.
Original wording
On page 205, between lines 16 and 17, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 127. Mr. SCHUMER submitted an amendment intended to be proposed by him to the bill S. 256, to amend title 11 of the United States Code, and for other purposes; which was ordered to lie on the table; as follows:
On page 205, between lines 16 and 17, insert the following:
SEC. 332. ASSET PROTECTION TRUSTS.
Section 548 of title 11, United States Code, as amended by this Act, is further amended by adding at the end the following:
“(e) The trustee may avoid a transfer of an interest of the debtor in property made by an individual debtor within 10 years before the date of the filing of the petition to an asset protection trust if the amount of the transfer or the aggregate amount of all transfers to the trust within such 10-year period exceeds $1,000,000, to the extent that debtor has a beneficial interest in the trust and the debtor's beneficial interest in the trust does not become property of the estate by reason of section 541(c)(2). For purposes of this subsection, a fund or account of the kind specified in section 522(d)(12) is not an asset protection trust.”.
For purposes of this amendment, an asset protction trust is defined as:
A trust settled by the debtor for the benefit of the debtor directly or indirectly, where the beneficial interests of the trust are otherwise protected by state law from begin alienated, either voluntarily or involuntarily, before they are distributed to the beneficiaries.
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Senate amendment submitted
March 7, 2005