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91_SB0116
LRB9100080DJcd
1 AN ACT to amend the Illinois Uniform Transfers to Minors
2 Act by changing Sections 2 and 15.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Uniform Transfers to Minors Act
6 is amended by changing Sections 2 and 15 as follows:
7 (760 ILCS 20/2) (from Ch. 110 1/2, par. 252)
8 Sec. 2. Definitions. In this Act:
9 (1) "Adult" means an individual who has attained the age
10 of 21 years.
11 (2) "Benefit plan" means any pension plan, retirement,
12 death benefit, deferred compensation, employment, agency,
13 stock bonus, option or profit sharing contract, plan, system,
14 account, trust or individual retirement account. A benefit
15 plan "obligor" means the party designated under the plan to
16 make distributions, otherwise the paying entity.
17 (3) "Beneficial interest in a land trust" and "land
18 trust" mean the same as "beneficial interest" and "land
19 trust" as defined in "An Act to require disclosure, under
20 certification of perjury, of all beneficial interests in real
21 property held in a land trust, in certain cases", approved
22 September 21, 1973, as now or hereafter amended.
23 (4) "Broker" means a person lawfully engaged in the
24 business of effecting transactions in securities or
25 commodities for the person's own account or for the account
26 of another.
27 (5) "Court" means an Illinois circuit court.
28 (6) "Custodial property" means (i) any interest in
29 property transferred to a custodian under this Act and (ii)
30 the income from and proceeds of that interest in property.
31 (7) "Custodian" means a person designated under Section
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1 10 or a successor or substitute custodian designated under
2 Section 19.
3 (8) "Financial Institution" means a bank, trust company,
4 savings institution, or credit union, chartered and
5 supervised under state or federal law.
6 (9) "Governing instrument" means any judicial order or
7 non-judicial document creating or describing property rights.
8 (10) "Guardian" means a person appointed or qualified by
9 a court to act as general, limited or temporary guardian of a
10 minor's property or a person legally authorized to perform
11 substantially the same functions.
12 (11) "Member of the minor's family" means the minor's
13 parent, stepparent, spouse, grandparent, brother, sister,
14 uncle, or aunt, whether of the whole or half blood or by
15 adoption.
16 (12) "Minor" means an individual who has not attained
17 the age of 21 years.
18 (13) "Person" means an individual, corporation,
19 organization, or other entity.
20 (13.5) "Qualified minor's trust" means any trust
21 (including a trust created by the custodian) (i) of which
22 the minor is the sole beneficiary and (ii) that satisfies the
23 requirements of Section 2503(c) of the Internal Revenue Code
24 and the regulations implementing that Section.
25 (14) "Representative" means an executor, administrator,
26 general, temporary or limited guardian, successor
27 representative, an obligor under a benefit plan or other
28 governing instrument or a person legally authorized to
29 perform substantially the same functions.
30 (15) "State" includes any state of the United States,
31 the District of Columbia, the Commonwealth of Puerto Rico,
32 and any territory or possession subject to the legislative
33 authority of the United States.
34 (16) "Transfer" means a transaction that creates
-3- LRB9100080DJcd
1 custodial property under Section 10.
2 (17) "Transferor" means a person who makes a transfer
3 under this Act.
4 (18) "Trust company" means a financial institution,
5 corporation, or other entity, authorized to exercise general
6 trust powers.
7 (Source: P.A. 84-1129.)
8 (760 ILCS 20/15) (from Ch. 110 1/2, par. 265)
9 Sec. 15. Use of Custodial Property. (a) A custodian may
10 deliver or pay to the minor or expend for the minor's benefit
11 so much of the custodial property as the custodian considers
12 advisable for the use and benefit of the minor, without court
13 order and without regard to (i) the duty or ability of the
14 custodian personally or of any other person to support the
15 minor, or (ii) any other income or property of the minor
16 which may be applicable or available for that purpose.
17 (a-5) At any time, a custodian may transfer part or all
18 of the custodial property to a qualified minor's trust
19 without a court order. Such a transfer terminates the
20 custodianship to the extent of the transfer.
21 (b) On petition of an interested person or the minor if
22 the minor has attained the age of 14 years, the court may
23 order the custodian to deliver or pay to the minor or expend
24 for the minor's benefit so much of the custodial property as
25 the court considers advisable for the use and benefit of the
26 minor.
27 (c) A delivery, payment, or expenditure under this
28 Section is in addition to, not in substitution for, and does
29 not affect any obligation of a person to support the minor.
30 (Source: P.A. 84-915.)