IL HB2526 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 8 2017 - 25% progression
Action: 2017-03-31 - House Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Illinois Trust Code. Provides that the Code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. Defines terms. Adds provisions governing: judicial proceedings; representation; creation, validity, modification, and termination of trusts; creditor's claims; spendthrift and discretionary trusts; revocable trusts; the office of trustee; duties and powers of the trustee; the Illinois Uniform Prudent Investor Act; life insurance; affiliated investments; liability of trustees and rights of persons dealing with trustee; total return trusts; trust decanting; the Uniform Powers of Appointment Act; perpetuities; and application of the Code to existing trusts. Repeals a Section of the Probate Act of 1975 concerning testamentary powers of appointment. Repeals the Trusts and Trustees Act, the Trusts and Dissolutions of Marriage Act, the Statute Concerning Perpetuities, the Perpetuities Vesting Act, the Trust Accumulation Act, the Power of Appointment Exercise Act, and the Termination of Powers Act. Makes corresponding changes in the Public Use Trust Act, the Township Code, the Corporate Fiduciary Act, the Community-Integrated Living Arrangements Licensure and Certification Act, the Title Insurance Act, the Illinois Funeral or Burial Funds Act, the Mental Health and Developmental Disabilities Code, the Illinois Marriage and Dissolution of Marriage Act, the Probate Act of 1975, the Illinois Power of Attorney Act, the Common Trust Fund Act, the Religious Corporation Act, and the Illinois Pre-Need Cemetery Sales Act. Effective January 1, 2018.

Tracking Information

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Title

ILLINOIS TRUST CODE

Sponsors


History

DateChamberAction
2017-03-31HouseHouse Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
2017-03-31HouseRule 19(a) / Re-referred to Rules Committee
2017-03-08HouseHouse Committee Amendment No. 1 Rules Refers to Executive Committee
2017-03-03HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2017-03-03HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Ann M. Williams
2017-02-22HouseAssigned to Executive Committee
2017-02-08HouseReferred to Rules Committee
2017-02-08HouseFirst Reading
2017-02-08HouseFiled with the Clerk by Rep. Ann M. Williams

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2056201-6Amended CodeCitation Text
2056206-10Amended CodeCitation Text
2056209-5Amended CodeCitation Text
2101353Amended CodeCitation Text
21515521.1Amended CodeCitation Text
225454aAmended CodeCitation Text
225455Amended CodeCitation Text
301602Amended CodeCitation Text
40553-605Amended CodeCitation Text
40553-819Amended CodeCitation Text
40555-105Amended CodeCitation Text
601135-20Amended CodeCitation Text
7505513.5Amended CodeCitation Text
755453-4Amended CodeCitation Text
75552-7Amended CodeCitation Text
755528-8Amended CodeCitation Text
75554-2Repealed CodeCitation Text
76035ActRepealed CodeCitation Text
760453Amended CodeCitation Text
7605ActRepealed CodeCitation Text
765305ActRepealed CodeCitation Text
765310ActRepealed CodeCitation Text
765315ActRepealed CodeCitation Text
765320ActRepealed CodeCitation Text
765325ActRepealed CodeCitation Text
80511046jAmended CodeCitation Text
81539016Amended CodeCitation Text

Illinois State Sources


Bill Comments

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