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Rep. Marcus C. Evans, Jr.
Filed: 3/27/2024
| | 10300HB5143ham002 | | LRB103 37054 JRC 71163 a |
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1 | | AMENDMENT TO HOUSE BILL 5143
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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 .) |
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| | 10300HB5143ham002 | - 2 - | LRB103 37054 JRC 71163 a |
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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 .)"; and |