|
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB0063 Introduced 1/15/2015, by Sen. Chris Nybo SYNOPSIS AS INTRODUCED:
|
| |
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.
|
| |
| | A BILL FOR |
|
|
| | SB0063 | | LRB099 01013 HEP 21019 b |
|
|
| 1 | | AN ACT concerning civil law.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Trusts and Trustees Act is amended by adding |
| 5 | | Section 18.5 as follows:
|
| 6 | | (760 ILCS 5/18.5 new) |
| 7 | | Sec. 18.5. Acceptance of trust terms. By accepting a |
| 8 | | benefit under a trust instrument, the beneficiary admits the |
| 9 | | instrument to be a valid trust. A beneficiary of a trust may |
| 10 | | not accept a benefit under the instrument and at the same time |
| 11 | | set up a claim which is contrary to the substantive terms of |
| 12 | | the trust.
|