[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Enrolled ] |
91_SB0116eng SB116 Engrossed 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 SB116 Engrossed -2- LRB9100080DJcd 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 SB116 Engrossed -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.)