(760 ILCS 75/0.01) (from Ch. 17, par. 2050)
Sec. 0.01.
Short title.
This Act may be cited as the
Securities in Fiduciary Accounts Act.
(Source: P.A. 86-1324.)
|
(760 ILCS 75/1) (from Ch. 17, par. 2051)
Sec. 1.
As used in this Act, unless the context otherwise requires:
(a) "Fiduciary" means a corporation qualified to administer trusts in
this State under "An Act to provide for and regulate the administration of
trusts by trust companies", approved June 15, 1887, as amended, or under
"An Act authorizing foreign corporations, including banks, and national
banking associations domiciled in other states, to act in a fiduciary
capacity in this State upon certain conditions herein set forth", approved
July 13, 1953, as amended, when acting either alone or as a co-fiduciary
with others in any of the following capacities, namely: testamentary
trustee, trustee appointed by any court, trustee under any written
agreement, declaration or instrument of trust, executor, administrator,
administrator to collect, guardian, agent, custodian, depositary, or any
like fiduciary capacity.
(b) "Security" means stocks, bonds, debentures, notes or other security of
a corporation, and all other instruments of a type commonly dealt in upon
securities exchanges or markets or commonly recognized in any area in which
it is issued or dealt in as a medium for investment.
(c) "Clearing corporation" means a corporation as defined in Article 8 of
the Uniform Commercial Code which is authorized to accept and execute trusts.
(Source: P.A. 84-1004.)
|
(760 ILCS 75/2) (from Ch. 17, par. 2052)
Sec. 2.
In addition to all other powers granted corporations authorized to
accept and execute trusts in Illinois, such a corporation, when acting as a
fiduciary or co-fiduciary, may, unless otherwise provided by the agreement, will, deed,
court order or other instrument:
(a) Cause securities to be registered in the name of a nominee without
mention of its fiduciary capacity in any instrument or record constituting
or evidencing title thereto, and may cause certificates representing
securities, including those held in bearer form, of the same class of the
same issuer and from time to time constituting assets of particular
fiduciary accounts, to be held in bulk with certificates of the same class
of the same issuer and from time to time constituting assets of other
fiduciary accounts, without certification as to ownership attached,
including the merging of certificates from time to time constituting assets
of various fiduciary accounts into one or more certificates; or
(b) Deposit or arrange for the deposit of securities with a clearing
corporation, a Federal Reserve Bank or another fiduciary.
When such securities are so deposited,
certificates
representing securities, including those held in bearer form, of the same
class of the same issuer and from time to time constituting assets of
particular fiduciary accounts may be registered in the name of the nominee
of the clearing corporation, Federal Reserve Bank or other
fiduciary without mention of the
fiduciary capacity in
any instrument or record constituting or evidencing title thereto, and may
be held in bulk in the name of said nominee with certificates of the same
class of the same issuer and with any other securities authorized to be
deposited in such clearing corporation, Federal Reserve Bank
or other fiduciary by any authorized
person regardless
of the ownership of any such securities, including the merging of
certificates from time to time constituting assets of various fiduciary
accounts into one or more certificates.
(Source: P.A. 84-519.)
|
(760 ILCS 75/3) (from Ch. 17, par. 2053)
Sec. 3.
The fiduciary shall be liable for the acts of its nominee or the nominee
of the clearing corporation, Federal Reserve Bank or other fiduciary, as
the case may be, with respect to any
security so registered or deposited and shall be liable to the fiduciary
account or accounts for its acts and the acts of the clearing
corporation, Federal Reserve Bank or other fiduciary
with respect to the holding of securities in bulk. The records of said
fiduciary shall at all times show the ownership of the security by each of
the fiduciary accounts and the securities, unless on deposit as authorized
by this Act, shall be in the possession and
control of said fiduciary in its various fiduciary capacities, and be kept
separate and apart from assets which are the individual property of said
fiduciary.
(Source: P.A. 84-519.)
|
(760 ILCS 75/4) (from Ch. 17, par. 2054)
Sec. 4.
The provisions of this Act shall apply to all trusts, estates and other
fiduciary accounts, including those heretofore at any time created or
established, as well as those created or established on and after the
effective date of this Act, and whether the security involved was acquired
by the fiduciary on, before or after the effective date of this Act.
(Source: P.A. 77-2754.)
|