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90_HB1036
205 ILCS 620/2-11
205 ILCS 620/2-12 new
Amends the Corporate Fiduciary Act. Provides that a
corporate fiduciary may hire a broker as an additional
expense of a trust or estate. Provides for the admission
into evidence of reproductions of certain documents.
Effective immediately.
LRB9004002LDmb
LRB9004002LDmb
1 AN ACT to amend the Corporate Fiduciary Act by changing
2 Section 2-11 and adding Section 2-12.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Corporate Fiduciary Act is amended by
6 changing Section 2-11 and adding Section 2-12 as follows:
7 (205 ILCS 620/2-11)
8 Sec. 2-11. Retention of agents and advisors. A
9 corporate fiduciary may hire and compensate, as an additional
10 expense of the trust or estate, agents, and advisors
11 (including financial, investment, and other advisors), and
12 brokers (including brokers for the sale or purchase of
13 securities or other property) to assist or advise the
14 corporate fiduciary in the performance of its duties,
15 including persons and entities associated or affiliated with
16 the corporate fiduciary.
17 (Source: P.A. 89-205, eff. 1-1-96; 89-364, eff. 8-18-95.)
18 (205 ILCS 620/2-12 new)
19 Sec. 2-12. Reproductions of documents. Notwithstanding
20 any other provision of law, if a corporate fiduciary
21 possesses, records, or creates any document, memorandum,
22 writing, entry, representation, or combination thereof, of
23 any act, transaction, occurrence, event, or agreement
24 (including, without limitation, a trust agreement or
25 amendment thereto, but excluding in all events an original
26 will or codicil thereto) and in the regular course of
27 business has caused any or all of the same to be recorded,
28 copied, or reproduced by photographic, photostatic,
29 facsimile, microfiche, optical, or electronic imaging, or any
30 other electronic or computer-generated process that
-2- LRB9004002LDmb
1 accurately reproduces or forms a medium for so reproducing
2 the original, the original may be destroyed in the regular
3 course of business and such recording, copy, or reproduction
4 shall be admissible in evidence in the same manner as the
5 original in any proceeding, whether the original is in
6 existence or not. This Section shall not be construed to
7 exclude from evidence any document or copy thereof that is
8 otherwise admissible under the rules of evidence.
9 Section 99. Effective date. This Act takes effect upon
10 becoming law.