IL SB0188 | 2009-2010 | 96th General Assembly
Status
Completed Legislative Action
Sponsorship: Partisan Bill (Republican 1)
Status: Passed on August 14 2009 - 100% progression
Action: 2009-08-14 - Public Act . . . . . . . . . 96-0479
Text: Latest bill text (Enrolled) [HTML]
Sponsorship: Partisan Bill (Republican 1)
Status: Passed on August 14 2009 - 100% progression
Action: 2009-08-14 - Public Act . . . . . . . . . 96-0479
Text: Latest bill text (Enrolled) [HTML]
Summary
Amends the Trusts and Trustees Act. Provides that a trust may be converted to a total return trust by an agreement of the trustee and all primary beneficiaries or all beneficiaries receiving income or principal and presumptive trust remaindermen (instead of all primary beneficiaries under the applicable virtual representation provisions of the Act). Provides that if there is no conflict of interest, a represented person, including a primary beneficiary or presumptive remainder beneficiary, and a minor, disabled, or unborn or unknown persons may be represented and bound by a party with a substantially identical interest. Provides that a total return trust conversion may be made between the trustee and all primary beneficiaries or other beneficiaries and presumptive remaindermen. Provides that a trust that provides a beneficial interest to a charity or charitable purpose not specifically named in the trust shall be known as a charitable interest and the Attorney General may represent and act on behalf of the charitable interest as to any dispute, including a nonjudicial settlement or a total return trust conversion. Provides that a nonjudicial settlement agreement between a trustee and all interested parties whose consent or joinder would be required for court approval is valid as to the matters of a trustee's appointment, compensation, liability, or indemnification (instead of if all primary beneficiaries of a trust are adults any written agreement, other than a trust termination agreement, construing trust provisions regarding the trustee, between a trustee and all of the primary beneficiaries of a trust shall be final and binding on the trustee and all beneficiaries of the trust, both current and future, as if ordered by a court). These provisions apply to all existing and future trusts, court proceedings, and agreements entered into under this Section on or after the effective date (instead of these provisions apply to all existing and future trusts, but only as to agreements made on or after the effective date). Includes other provisions.
Title
TRUSTS-VIRTUAL REPRESENTATION
Sponsors
Roll Calls
2009-05-19 - House - Third Reading in House (Y: 115 N: 0 NV: 2 Abs: 0) [PASS]
2009-03-25 - Senate - Third Reading in Senate (Y: 54 N: 0 NV: 0 Abs: 0) [PASS]
2009-03-25 - Senate - Third Reading in Senate (Y: 54 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2009-08-14 | Public Act . . . . . . . . . 96-0479 | |
| 2009-08-14 | Effective Date January 1, 2010 | |
| 2009-08-14 | Governor Approved | |
| 2009-06-17 | Sent to the Governor | |
| 2009-05-19 | Passed Both Houses | |
| 2009-05-19 | Third Reading - Short Debate - Passed 115-000-000 | |
| 2009-05-18 | Placed on Calendar Order of 3rd Reading - Short Debate | |
| 2009-05-18 | Second Reading - Short Debate | |
| 2009-05-14 | Placed on Calendar 2nd Reading - Short Debate | |
| 2009-05-14 | Do Pass / Short Debate Executive Committee; 011-000-000 | |
| 2009-05-08 | Committee/Final Action Deadline Extended-9(b) May 22, 2009 | |
| 2009-04-14 | Assigned to Executive Committee | |
| 2009-03-25 | Referred to Rules Committee | |
| 2009-03-25 | First Reading | |
| 2009-03-25 | Chief House Sponsor Rep. Mark H. Beaubien, Jr. | |
| 2009-03-25 | Placed on Calendar Order of First Reading | |
| 2009-03-25 | Arrived in House | |
| 2009-03-25 | Third Reading - Passed; 059-000-000 | |
| 2009-02-27 | Placed on Calendar Order of 3rd Reading March 4, 2009 | |
| 2009-02-27 | Second Reading | |
| 2009-02-25 | Placed on Calendar Order of 2nd Reading February 26, 2009 | |
| 2009-02-25 | Do Pass as Amended Judiciary; 011-000-000 | |
| 2009-02-25 | Senate Committee Amendment No. 1 Adopted | |
| 2009-02-25 | Senate Committee Amendment No. 1 Assignments Refers to Judiciary | |
| 2009-02-23 | Senate Committee Amendment No. 1 Referred to Assignments | |
| 2009-02-23 | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kirk W. Dillard | |
| 2009-02-19 | Postponed - Judiciary | |
| 2009-02-10 | Assigned to Judiciary | |
| 2009-02-03 | Referred to Assignments | |
| 2009-02-03 | First Reading | |
| 2009-02-03 | Filed with Secretary by Sen. Kirk W. Dillard |
