Bill Text: IL HB4320 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Duties and Powers of Trustee Article of the Illinois Trust Code. Requires a trustee to maintain trust records for a minimum of 7 years. Requires a trustee in possession of any documentation regarding unclaimed property that may be needed to support an interested person's claim to the property, prior to the destruction of the documentation, to check with the State Treasurer as to whether the State Treasurer is holding any unclaimed property.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-16 - Referred to Rules Committee [HB4320 Detail]

Download: Illinois-2023-HB4320-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4320 Introduced , by Rep. Amy Elik SYNOPSIS AS INTRODUCED:
760 ILCS 3/810
Amends the Duties and Powers of Trustee Article of the Illinois Trust Code. Requires a trustee to maintain trust records for a minimum of 7 years. Requires a trustee in possession of any documentation regarding unclaimed property that may be needed to support an interested person's claim to the property, prior to the destruction of the documentation, to check with the State Treasurer as to whether the State Treasurer is holding any unclaimed property.
LRB103 36119 LNS 66210 b
A BILL FOR
HB4320 LRB103 36119 LNS 66210 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Trust Code is amended by changing
Section 810 as follows:
(760 ILCS 3/810)
Sec. 810. Recordkeeping and identification of trust
property.
(a) A trustee shall keep adequate records of the
administration of the trust.
(b) A trustee shall keep trust property separate from the
trustee's own property.
(c) Except as otherwise provided in subsection (d), a
trustee not subject to federal or state banking regulation
shall cause the trust property to be designated so that the
interest of the trust, to the extent feasible, appears in
records maintained by a party other than a trustee or
beneficiary to whom the trustee has delivered the property.
(d) If the trustee maintains records clearly indicating
the respective interests, a trustee may invest as a whole the
property of 2 or more separate trusts.
(e) A trustee shall maintain trust records for a minimum
of 7 years.

HB4320 - 2 - LRB103 36119 LNS 66210 b