Senate Bill 2657

AN ACT TO CREATE NEW SECTION 91-9-11, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE FORMATION OF A GUN TRUST; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The following shall be codified as Section 91-9-11, Mississippi Code of 1972:

91-9-11. The legal owner of any firearm, also known as the settlor, may create an express trust, known as a "Gun Trust," in which the corpus of the trust will consist of the firearm or firearms as well as any ammunition or other related property conveyed by the settlor to the trust. The terms of the trust may specifically delineate the beneficial and legal ownership of the corpus of the trust. The trustee or trustees named by the settlor have the duty to administer the gun trust assets for the benefit of a named or otherwise described beneficiary beneficiaries. The trust may be revocable or irrevocable and should otherwise comply in all respects with the applicable portions of this chapter.

SECTION 2. This act shall take effect and be in force from and after its passage.