HB4320 103RD GENERAL ASSEMBLY

LRB103 36119 LNS 66210 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4320

Introduced 1/16/2024, by Rep. Amy Elik

SYNOPSIS AS INTRODUCED:

760 ILCS 3/810

Amends the Duties and Powers of Trustee Article of the Illinois Trust Code. Requires a trustee to maintain trust records for a minimum of 7 years. Requires a trustee in possession of any documentation regarding unclaimed property that may be needed to support an interested person's claim to the property, prior to the destruction of the documentation, to check with the State Treasurer as to whether the State Treasurer is holding any unclaimed property.

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Trust Code is amended by changing Section 810 as follows:

(760 ILCS 3/810)

Sec. 810. Recordkeeping and identification of trust property.

(a) A trustee shall keep adequate records of the administration of the trust.

(b) A trustee shall keep trust property separate from the trustee's own property.

(c) Except as otherwise provided in subsection (d), a trustee not subject to federal or state banking regulation shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary to whom the trustee has delivered the property.

(d) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of 2 or more separate trusts.

(e) A trustee shall maintain trust records for a minimum of 7 years.

(f) A trustee in possession of any documentation regarding unclaimed property that may be needed to support an interested person's claim to the property, prior to the destruction of the documentation, must check with the State Treasurer as to whether the State Treasurer is holding any unclaimed property.

(Source: P.A. 101-48, eff. 1-1-20.)