Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(225 ILCS 45/4a)
Sec. 4a. Investment of funds.
(a) A trustee has a duty to invest and manage the trust assets pursuant to the Illinois Prudent Investor Law under Article 9 of the Illinois Trust Code.
(b) The trust shall be a single-purpose trust fund. In the event of the
seller's bankruptcy, insolvency or assignment for the benefit of creditors, or
an adverse judgment, the trust funds shall not be available to any creditor as
assets of the seller or to pay any expenses of any bankruptcy or similar
proceeding, but shall be distributed to the purchasers or managed for their
benefit by the trustee holding the funds. Except in an action by the
Comptroller to revoke a license issued pursuant
to this Act and for creation of a receivership as provided in this Act, the
trust shall not be subject to judgment, execution, garnishment, attachment,
or other seizure by process in bankruptcy or otherwise, nor to sale, pledge,
mortgage, or other alienation, and shall not be assignable except as
approved by the Comptroller. The changes made by Public Act 91-7 are intended to clarify existing law regarding the
inability of licensees to pledge the trust.
(c) Because it is not known at the time of deposit or at the time that
income is earned on the trust account to whom the principal and the accumulated
earnings will be distributed for the purpose of determining the Illinois income
tax due on these trust funds, the principal and any accrued earnings or losses
related to each individual account shall be held in suspense until the final
determination is made as to whom the account shall be paid. The beneficiary's
estate shall not be responsible for any funeral and burial purchases listed in
a pre-need contract if the pre-need contract is entered into on a guaranteed
price basis.
If a pre-need contract is not a guaranteed price contract, then to the extent
the proceeds of a non-guaranteed price pre-need contract cover the funeral and
burial expenses for the beneficiary, no claim may be made against the estate of
the beneficiary. A claim may be made against the beneficiary's estate if the
charges for the funeral services and merchandise at the time of use exceed the
amount of the amount in trust plus the percentage of the sale proceeds
initially retained by the seller or the face value of the life insurance policy
or tax-deferred annuity.
(Source: P.A. 101-48, eff. 1-1-20.)
|
