Rep. Emily McAsey
Filed: 3/16/2012
 
 

 

 

 
09700HB4662ham001LRB097 14569 JLS 67402 a



1
AMENDMENT TO HOUSE BILL 4662




2    AMENDMENT NO. ______. Amend House Bill 4662 on page 8 by 
3inserting immediately below line 12 the following:


 
4        "(4) If a charity is a current beneficiary or 
5    presumptive remainder beneficiary of the trust, the notice 
6    shall also be given to the Attorney General's Charitable 
7    Trust Bureau."; and
 
8on page 9, line 24, by replacing "do so" with "extend or 
9lengthen its perpetuities period"; and
 
10on page 10 by replacing lines 25 and 26 with the following:
 
11"provision of applicable law, or a court order. In addition, 
12distribution of trust principal to a second trust may be made 
13by agreement between a trustee and all primary beneficiaries of 
14a first trust, acting either individually or by their 
 
 
09700HB4662ham001- 2 -LRB097 14569 JLS 67402 a

1respective representatives in accordance with Section 16.1 of 
2this Act."; and
 
3on page 16, line 9, by replacing "Section" with "Section. If 
4the settlor of a first trust is not also the settlor of a 
5second trust, then the settlor of the first trust shall be 
6considered the settlor of the second trust, but only with 
7respect to the portion of second trust distributed from the 
8first trust in accordance with this Section"; and
 
9on page 17, line 5, by replacing "The" with "Except for a 
10distribution of trust principal from a first trust to a second 
11trust made by agreement in accordance with Section 16.1 of this 
12Act, the".