IL SB0221 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 31 2019 - 25% progression
Action: 2019-06-21 - Chief Sponsor Changed to Sen. John J. Cullerton
Pending: Senate Assignments 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 Prudent Investor Law; life insurance; affiliated investments; liability of trustees and rights of persons dealing with a trustee; total return trusts; trust decanting; the Uniform Powers of Appointment Law; perpetuities; and application of the Code to existing trusts. Repeals the Trusts and Trustees Act, the Trusts and Dissolutions of Marriage Act, the Uniform Powers of Appointment Act (added by Public Act 100-1044), the Statute Concerning Perpetuities, the Perpetuities Vesting Act, and the Trust Accumulation 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, 2020.

Tracking Information

Register now for our free OneVote public service or GAITS Professional trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

ILLINOIS TRUST CODE

Sponsors


History

DateChamberAction
2019-06-21SenateChief Sponsor Changed to Sen. John J. Cullerton
2019-03-22SenateRule 3-9(a) / Re-referred to Assignments
2019-02-06SenateAssigned to Judiciary
2019-01-31SenateReferred to Assignments
2019-01-31SenateFirst Reading
2019-01-31SenateFiled with Secretary by Sen. John G. Mulroe

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
760105ActRepealed CodeCitation Text
76035ActRepealed CodeCitation Text
760453Amended CodeCitation Text
7605ActRepealed CodeCitation Text
765305ActRepealed CodeCitation Text
765310ActRepealed CodeCitation Text
765315ActRepealed CodeCitation Text
80511046jAmended CodeCitation Text
81539016Amended CodeCitation Text

Illinois State Sources


Bill Comments

feedback