IL HB4594 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Engrossed on April 16 2024 - 50% progression
Action: 2024-05-25 - Rule 2-10 Committee/3rd Reading Deadline Established As May 26, 2024
Pending: Senate Judiciary Committee
Text: Latest bill text (Engrossed) [HTML]
Status: Engrossed on April 16 2024 - 50% progression
Action: 2024-05-25 - Rule 2-10 Committee/3rd Reading Deadline Established As May 26, 2024
Pending: Senate Judiciary Committee
Text: Latest bill text (Engrossed) [HTML]
Summary
Amends the Illinois Trust Code. Allows a virtuous trust to be created for a business or other noncharitable purpose without a definite or definitely ascertainable beneficiary. Requires a virtuous trust to be created by a written instrument. Allows a virtuous trust to hold an ownership interest of any corporation, partnership, limited partnership, cooperative, limited liability company, limited liability partnership, or joint venture. Provides that a trustee of a virtuous trust or a virtuous trust shall not be deemed to violate the trustee's duties by virtue of the trustee investing and managing the trust's assets pursuant to the terms and the purposes of the trust. Exempts a virtuous trust from the common law rule against perpetuities. Allows a virtuous trust to be enforced by one or more trust enforcers appointed in the trust instruction, and allows a virtuous trust instrument to provide for appointing successor trust enforcers. Requires a virtuous trust to have a trust purpose committee with at least 3 persons as members. Includes provisions related to the trust purpose committee, including appointment procedures, voting procedures, powers of the committee, resignation procedures, and reporting requirements. Provides that property of a virtuous trust may be applied only to its intended use. Allows the trust purpose committee and the trust enforcers to modify or terminate a virtuous trust by unanimous agreement. Prohibits a person serving as a trustee from servicing as a trust enforcer or as a member of the trust purpose committee. Makes conforming changes.
Title
TRUST CD-VIRTUOUS TRUSTS
Sponsors
Roll Calls
2024-04-16 - House - Third Reading in House (Y: 111 N: 0 NV: 1 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-05-25 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 26, 2024 |
| 2024-05-24 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 25, 2024 |
| 2024-05-20 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 24, 2024 |
| 2024-05-20 | Senate | Assigned to Judiciary |
| 2024-05-02 | Senate | Referred to Assignments |
| 2024-05-02 | Senate | First Reading |
| 2024-05-02 | Senate | Chief Senate Sponsor Sen. Napoleon Harris, III |
| 2024-04-17 | Senate | Placed on Calendar Order of First Reading April 18, 2024 |
| 2024-04-17 | Senate | Arrive in Senate |
| 2024-04-16 | House | Added Chief Co-Sponsor Rep. Martin McLaughlin |
| 2024-04-16 | House | Third Reading - Short Debate - Passed 111-000-000 |
| 2024-04-10 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-04-10 | House | Second Reading - Short Debate |
| 2024-03-13 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-03-13 | House | Do Pass / Short Debate Judiciary - Civil Committee; 014-000-000 |
| 2024-03-05 | House | Assigned to Judiciary - Civil Committee |
| 2024-01-31 | House | Referred to Rules Committee |
| 2024-01-31 | House | First Reading |
| 2024-01-26 | House | Filed with the Clerk by Rep. Kam Buckner |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 760 | 3 | 103 | Amended Code | Citation Text |
| 760 | 3 | 110 | Amended Code | Citation Text |
| 760 | 3 | 402 | Amended Code | Citation Text |
| 760 | 3 | 407 | Amended Code | Citation Text |
| 760 | 3 | 409.5 | New Code | See Bill Text |
