Full Text of SB3204 97th General Assembly
SB3204enr 97TH GENERAL ASSEMBLY |
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| 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 Illinois Power of Attorney Act is amended by | 5 | | changing Section 2-4 as follows:
| 6 | | (755 ILCS 45/2-4) (from Ch. 110 1/2, par. 802-4)
| 7 | | Sec. 2-4. Applicability. (a) The principal may specify in | 8 | | the agency
the event or time when the agency will begin and | 9 | | terminate, the mode of
revocation or amendment and the rights, | 10 | | powers, duties, limitations,
immunities and other terms | 11 | | applicable to the agent and to all persons
dealing with the | 12 | | agent, and the provisions of the agency will control
| 13 | | notwithstanding this Act, except that every health care agency | 14 | | must
comply with Section 4-5 of this Act.
| 15 | | (b) From and after the effective date of this Act: (1) this | 16 | | Act governs
every agency, whenever and wherever executed, and | 17 | | all acts of the agent to
the extent the provisions of this Act | 18 | | are not inconsistent with the agency;
and (2) this Act applies | 19 | | to all agencies exercised in Illinois and to all
other agencies | 20 | | if the principal is a resident of Illinois at the time the
| 21 | | agency is signed or at the time of exercise or if the agency | 22 | | indicates that
Illinois law is to apply. Providing forms of | 23 | | statutory property and
health care powers in Articles III and |
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| 1 | | IV does not limit the applicability
of this Act, it being | 2 | | intended that every agency, including, without
limitation, the | 3 | | statutory property and health care power agencies, shall
have | 4 | | the benefit of and be governed by Article II, by Sections 4-1 | 5 | | through
4-9 and Section 4-11 of Article IV, and by all other | 6 | | general provisions of
this Act, except to the extent the terms | 7 | | of the agency are inconsistent with this Act.
| 8 | | (c) Notwithstanding the provisions of subsections (a) and | 9 | | (b), this Act shall not apply to an agreement or contract | 10 | | described in any of items (1) through (8) of this subsection | 11 | | under which a financial institution, defined as a (i) bank, | 12 | | trust company, savings bank, savings and loan, or credit union | 13 | | holding a federal charter or a charter from any of the states | 14 | | that is subject to regulation by the Illinois Secretary of | 15 | | Financial and Professional Regulation or (ii) broker-dealer | 16 | | registered with the United States Securities and Exchange | 17 | | Commission, is named as an agent for any person, provided that | 18 | | the agreement or contract does not include in its terms a | 19 | | durable power of attorney that survives the incapacity of the | 20 | | principal: | 21 | | (1) a proxy or other delegation to exercise voting | 22 | | rights or management rights with respect to a corporation, | 23 | | partnership (general or limited), limited liability | 24 | | company, condominium, commercial entity, or association; | 25 | | (2) an agreement or contract given to a financial | 26 | | institution to facilitate a specific transfer or |
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| 1 | | disposition of one or more identified stocks, bonds, or | 2 | | assets, whether real or personal, tangible or intangible; | 3 | | (3) an agreement or directive authorizing a financial | 4 | | institution to prepare, execute, deliver, submit, or file a | 5 | | document or instrument with a government or governmental | 6 | | subdivision, agency, or instrumentality, or other third | 7 | | party; | 8 | | (4) an agreement or contract authorizing a financial | 9 | | institution or an officer of a financial institution to | 10 | | take a specific action or actions in relation to an account | 11 | | in which the financial institution (i) holds cash, | 12 | | securities, commodities, or other financial assets on | 13 | | behalf of the principal or (ii) acts as an investment | 14 | | manager with a third party serving as the custodian of such | 15 | | cash, securities, commodities, or other financial assets | 16 | | on behalf of the principal; | 17 | | (5) an agreement or contract authorizing a financial | 18 | | institution to take specific actions with respect to | 19 | | collateral in connection with a loan or other secured | 20 | | credit transaction other than a mortgage; | 21 | | (6) an agreement or contract given to a financial | 22 | | institution by an individual who is, or is seeking to | 23 | | become, a director, officer, stockholder, employee, | 24 | | partner (general or limited), member, unit owner, equity | 25 | | owner, trustee, manager, or agent of a corporation, a | 26 | | partnership (general or limited), a limited liability |
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| 1 | | company, a condominium, a legal or commercial entity, or an | 2 | | association, in that individual's capacity as such, | 3 | | including an agreement or directive contained in a | 4 | | subscription agreement; | 5 | | (7) an authorization contained in a certificate of | 6 | | incorporation, bylaws, general or limited partnership | 7 | | agreement, limited liability company agreement, | 8 | | declaration of trust, declaration of condominium, | 9 | | condominium offering plan, or other agreement or | 10 | | instrument governing the internal affairs of an entity or | 11 | | association authorizing a director, officer, shareholder, | 12 | | employee, partner (general or limited), member, unit | 13 | | owner, equity owner, trustee, manager, or other person to | 14 | | take lawful actions relating to such entity or association; | 15 | | or | 16 | | (8) an agreement authorizing the acceptance of the | 17 | | service of process on behalf of the person executing the | 18 | | agreement. | 19 | | (d) An agreement or contract described in subsection (c) is | 20 | | not a "nonstatutory property power" subject to subsection (b) | 21 | | of Section 3-3. This subsection (d) is declarative of existing | 22 | | law and is applicable to all agreements or contracts whenever | 23 | | executed. | 24 | | (Source: P.A. 86-736.)
| 25 | | Section 99. Effective date. This Act takes effect upon | 26 | | becoming law.
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