Bill Text: IL SB0063 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Trusts and Trustees Act. Provides that by accepting a benefit under a trust instrument, the beneficiary admits the instrument to be a valid trust. Provides that a beneficiary of a trust may not accept a benefit under the instrument and at the same time set up a claim which is contrary to the substantive terms of the trust.

Sponsorship: Partisan Bill (Republican 2)

Status: (Introduced - Dead) 2015-10-10 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0063 Detail]

Download: Illinois-2015-SB0063-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB0063 Introduced 1/15/2015, by Sen. Chris Nybo SYNOPSIS AS INTRODUCED:
760 ILCS 5/18.5 new
Amends the Trusts and Trustees Act. Provides that by accepting a benefit under a trust instrument, the beneficiary admits the instrument to be a valid trust. Provides that a beneficiary of a trust may not accept a benefit under the instrument and at the same time set up a claim which is contrary to the substantive terms of the trust.
LRB099 01013 HEP 21019 b
A BILL FOR
SB0063 LRB099 01013 HEP 21019 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 Trusts and Trustees Act is amended by adding
Section 18.5 as follows:
(760 ILCS 5/18.5 new)
Sec. 18.5. Acceptance of trust terms. By accepting a
benefit under a trust instrument, the beneficiary admits the
instrument to be a valid trust. A beneficiary of a trust may
not accept a benefit under the instrument and at the same time
set up a claim which is contrary to the substantive terms of
the trust.