|
Rep. Marcus C. Evans, Jr.
Filed: 3/11/2024
| | 10300HB5143ham001 | | LRB103 37054 JRC 70484 a |
|
|
| 1 | | AMENDMENT TO HOUSE BILL 5143
|
| 2 | | AMENDMENT NO. ______. Amend House Bill 5143 as follows:
|
| 3 | | on page 6, immediately below line 1, by inserting the |
| 4 | | following:
|
| 5 | | "Section 7. The Illinois Trust Code is amended by changing |
| 6 | | Sections 809 and 810 as follows:
|
| 7 | | (760 ILCS 3/809) |
| 8 | | Sec. 809. Control and protection of trust property. A |
| 9 | | trustee shall take reasonable steps to take control of and |
| 10 | | protect the trust property, including searching for and |
| 11 | | claiming any unclaimed or presumptively abandoned property. If |
| 12 | | a corporation is acting as co-trustee with one or more |
| 13 | | individuals, the corporate trustee shall have custody of the |
| 14 | | trust estate unless all the trustees otherwise agree. |
| 15 | | (Source: P.A. 101-48, eff. 1-1-20.)
|
|
| | 10300HB5143ham001 | - 2 - | LRB103 37054 JRC 70484 a |
|
|
| 1 | | (760 ILCS 3/810) |
| 2 | | Sec. 810. Recordkeeping and identification of trust |
| 3 | | property. |
| 4 | | (a) A trustee shall keep adequate records of the |
| 5 | | administration of the trust. |
| 6 | | (b) A trustee shall keep trust property separate from the |
| 7 | | trustee's own property. |
| 8 | | (c) Except as otherwise provided in subsection (d), a |
| 9 | | trustee not subject to federal or state banking regulation |
| 10 | | shall cause the trust property to be designated so that the |
| 11 | | interest of the trust, to the extent feasible, appears in |
| 12 | | records maintained by a party other than a trustee or |
| 13 | | beneficiary to whom the trustee has delivered the property. |
| 14 | | (d) If the trustee maintains records clearly indicating |
| 15 | | the respective interests, a trustee may invest as a whole the |
| 16 | | property of 2 or more separate trusts. |
| 17 | | (e) A trustee shall maintain or cause to be maintained |
| 18 | | trust records for a minimum of 7 years after the dissolution of |
| 19 | | the trust. |
| 20 | | (f) Prior to the destruction of trust records, a trustee |
| 21 | | shall conduct a reasonable search for any trust property that |
| 22 | | is presumptively abandoned or that has been reported and |
| 23 | | remitted to a state unclaimed property administrator. |
| 24 | | (Source: P.A. 101-48, eff. 1-1-20.)". |