Chapter 755 — ESTATES

(755 ILCS 5/20-9) (from Ch. 110 1/2, par. 20-9) Sec. 20-9. Report of sale and approval.) (a) It is the duty of the representative to present to the court authorizing the sale a verified report of the sale describing the property sold and stating the name of the purchaser, the dat…

(755 ILCS 5/21-1) (from Ch. 110 1/2, par. 21-1) Sec. 21-1. Investments - decedent's estate.) In addition to any investments which a decedent may authorize his executor to make by the terms of his will, the representative of his estate, in his discretion, may invest money of the e…

(755 ILCS 5/21-1.01) (from Ch. 110 1/2, par. 21-1.01) Sec. 21-1.01. Direct obligations of the United States or any instrumentality or agency thereof or obligations fully guaranteed by the United States, or any instrumentality or agency thereof, if the maturity date of the obligat…

(755 ILCS 5/21-1.02) (from Ch. 110 1/2, par. 21-1.02) Sec. 21-1.02. Obligations of a local public agency (as defined in Section 110(h) of the federal Housing Act of 1949) or of a public housing agency (as defined in the federal Housing Act of 1937, as amended) which have a maturi…

(755 ILCS 5/21-1.03) (from Ch. 110 1/2, par. 21-1.03) Sec. 21-1.03. Savings accounts or certificates of deposit of a state bank or a national bank doing business in Illinois to the extent that the deposits are insured by the United States or any agency thereof, even though the ba…

(755 ILCS 5/21-1.04) (from Ch. 110 1/2, par. 21-1.04) Sec. 21-1.04. Withdrawable capital accounts, deposits, investment certificates or certificates of deposit of a state savings and loan association or a federal savings and loan association doing business in this State to the ex…

(755 ILCS 5/21-1.05) (from Ch. 110 1/2, par. 21-1.05) Sec. 21-1.05. Interests in one or more common trust funds, as defined in and from time to time established, maintained and administered pursuant to the Common Trust Fund Act, the investments of which are not restricted to the …

(755 ILCS 5/21-1.05a) (from Ch. 110 1/2, par. 21-1.05a) Sec. 21-1.05a. Interests in any open-end registered investment company registered under the federal Investment Company Act of 1940, provided that the portfolio of any such company is limited to securities and investments aut…

(755 ILCS 5/21-1.06) (from Ch. 110 1/2, par. 21-1.06) Sec. 21-1.06. Any other investments authorized by a court of competent jurisdiction or which from time to time have been or may be expressly declared by the General Assembly to be legal investments by representatives of decede…

(755 ILCS 5/21-1.07) (from Ch. 110 1/2, par. 21-1.07) Sec. 21-1.07. Interests in any open-end or closed-end management type investment company or investment trust (hereafter referred to as a "mutual fund") registered under the Investment Company Act of 1940, the investments of wh…

(755 ILCS 5/21-2) (from Ch. 110 1/2, par. 21-2) Sec. 21-2. Investments; ward's estate. (a) It is the duty of the representative to invest the ward's money. A representative is chargeable with interest at a rate equal to the rate on 90-day United States Treasury Bills upon any mon…

(755 ILCS 5/21-2.01) (from Ch. 110 1/2, par. 21-2.01) Sec. 21-2.01. Obligations of the United States. (Source: P.A. 84-494.)

(755 ILCS 5/21-2.02) (from Ch. 110 1/2, par. 21-2.02) Sec. 21-2.02. Obligations of which both the principal and interest are guaranteed unconditionally by the United States. (Source: P.A. 84-494.)

(755 ILCS 5/21-2.03) (from Ch. 110 1/2, par. 21-2.03) Sec. 21-2.03. Obligations of any corporation wholly owned, directly or indirectly, by the United States or any agency or instrumentality of the United States. (Source: P.A. 84-494.)

(755 ILCS 5/21-2.04) (from Ch. 110 1/2, par. 21-2.04) Sec. 21-2.04. Insured accounts, deposits, and certificates. Withdrawable capital accounts, deposits, investment certificates or certificates of deposit of state and federal savings and loan associations but, unless otherwise a…

(755 ILCS 5/21-2.05) (from Ch. 110 1/2, par. 21-2.05) Sec. 21-2.05. Municipal bonds. Instruments providing for the payment of money executed by or on behalf of any state of the United States or the District of Columbia or any governmental entity organized by or under the laws of …

(755 ILCS 5/21-2.06) (from Ch. 110 1/2, par. 21-2.06) Sec. 21-2.06. Savings and time deposit certificates of a state bank or a national bank doing business in this State but, unless otherwise authorized by a court of competent jurisdiction, only to the extent that such deposits a…

(755 ILCS 5/21-2.07) (from Ch. 110 1/2, par. 21-2.07) Sec. 21-2.07. Notes secured by real estate. All of the notes secured by a first mortgage or trust deed upon improved or income producing real estate situated in this State and not exceeding two-thirds of the value thereof at t…

(755 ILCS 5/21-2.08) (from Ch. 110 1/2, par. 21-2.08) Sec. 21-2.08. Corporate obligations. Obligations of any company incorporated under the laws of the United States or of any state of the United States or the District of Columbia that, at the time of investment, have been given…

(755 ILCS 5/21-2.09) (from Ch. 110 1/2, par. 21-2.09) Sec. 21-2.09. (Repealed). (Source: P.A. 79-328. Repealed by P.A. 90-796, eff. 12-15-98.)

(755 ILCS 5/21-2.10) (from Ch. 110 1/2, par. 21-2.10) Sec. 21-2.10. Real estate located in any state of the United States or the District of Columbia. (Source: P.A. 79-328.)

(755 ILCS 5/21-2.11) (from Ch. 110 1/2, par. 21-2.11) Sec. 21-2.11. Life, endowment, or annuity policies. Life, endowment, or annuity policies on the life of the ward, or on the life of any person in whose life the ward has an insurable interest, if the ward is the beneficiary, w…

(755 ILCS 5/21-2.12) (from Ch. 110 1/2, par. 21-2.12) Sec. 21-2.12. Stock. Shares of any corporation with a market capitalization of over $200,000,000 if the shares are listed and registered on an exchange registered with the Securities and Exchange Commission as a national secur…

(755 ILCS 5/21-2.13) (from Ch. 110 1/2, par. 21-2.13) Sec. 21-2.13. Common trust funds. Interests in one or more common trust funds, as defined in and from time to time established, maintained and administered pursuant to the Common Trust Fund Act, the investments of which are no…

(755 ILCS 5/21-2.13a) (from Ch. 110 1/2, par. 21-2.13a) Sec. 21-2.13a. (Repealed). (Source: P.A. 85-639. Repealed by P.A. 90-796, eff. 12-15-98.)

(755 ILCS 5/21-2.14) (from Ch. 110 1/2, par. 21-2.14) Sec. 21-2.14. Mutual funds. Interests in any open-end management type investment company or investment trust (hereafter referred to as a "mutual fund") registered under the Investment Company Act of 1940, the investments of wh…

(755 ILCS 5/21-2.14a) Sec. 21-2.14a. Illinois prepaid tuition contract. An Illinois prepaid tuition contract, as defined under the Illinois Prepaid Tuition Act. (Source: P.A. 91-867, eff. 6-22-00.)

(755 ILCS 5/21-2.15) (from Ch. 110 1/2, par. 21-2.15) Sec. 21-2.15. Any other investments which from time to time have been or may be expressly declared by the General Assembly to be legal investments for representatives of wards' estates. (Source: P.A. 84-494.)

(755 ILCS 5/22-1) (from Ch. 110 1/2, par. 22-1) Sec. 22-1. Power to collect and remove personal estate.) A representative to whom letters are issued on the estate of a nonresident decedent or ward by a court of competent jurisdiction of any other state, territory, country or the …

(755 ILCS 5/22-2) (from Ch. 110 1/2, par. 22-2) Sec. 22-2. Transfer of estate of nonresident ward to nonresident representative when letters issued in this State.) If it appears to the court of this State which has appointed a representative of the estate of a nonresident ward th…

(755 ILCS 5/22-3) (from Ch. 110 1/2, par. 22-3) Sec. 22-3. Right to sue.) If no letters are issued in this State upon the estate of a nonresident decedent or ward, a representative to whom letters are issued on the estate by a court of competent jurisdiction of any other state, t…

(755 ILCS 5/22-4) (from Ch. 110 1/2, par. 22-4) Sec. 22-4. Lease, sale or mortgage of real or personal estate.) (a) If no letters are issued in this State upon the estate of a decedent who at the time of his death owned real or personal estate or any interest therein within this …

(755 ILCS 5/22-5) (from Ch. 110 1/2, par. 22-5) Sec. 22-5. Letters issued in this State.) If after any proceedings are commenced by a nonresident representative under Section 22-3 or 22-4, letters are issued on the estate of the decedent or ward in this State, on motion the resid…

(755 ILCS 5/22-6) (from Ch. 110 1/2, par. 22-6) Sec. 22-6. Deed by foreign executor under will.) A deed executed under the power vested in a representative to whom letters of office were issued by any court of competent jurisdiction in any other state of the United States or the …

(755 ILCS 5/23-1) (from Ch. 110 1/2, par. 23-1) Sec. 23-1. Resignation.) Upon petition of a representative, the court may permit him to resign. The petition may be heard without notice or after giving notice to such persons and in such manner as the court directs. If the petition…

(755 ILCS 5/23-2) (from Ch. 110 1/2, par. 23-2) Sec. 23-2. Removal. (a) On petition of any interested person or on the court's own motion, the court may remove a representative if: (1) the representative is acting under letters secured by false pretenses; (2) the representative i…

(755 ILCS 5/23-3) (from Ch. 110 1/2, par. 23-3) Sec. 23-3. Procedure on removal.) (a) Before removing a representative for any of the causes set forth in Section 23-2, the court shall order a citation to issue directing the respondent to show cause why he should not be removed fo…

(755 ILCS 5/23-4) (from Ch. 110 1/2, par. 23-4) Sec. 23-4. Transfer to another county in the State.) If it appears to the court in which a ward's estate is being administered that the interests of the ward are best served by the transfer of the administration of the ward's estate…

(755 ILCS 5/23-5) (from Ch. 110 1/2, par. 23-5) Sec. 23-5. Letters revoked when will is produced.) If the will of a decedent is admitted to probate after letters of administration have been issued on his estate, the letters of administration shall be revoked. (Source: P.A. 79-328…

(755 ILCS 5/23-6) (from Ch. 110 1/2, par. 23-6) Sec. 23-6. Letters revoked when will is set aside.) If a will which has been admitted to probate is set aside after letters of office are issued thereon, the letters shall be revoked. (Source: P.A. 79-328.)

(755 ILCS 5/23-8) (from Ch. 110 1/2, par. 23-8) Sec. 23-8. Acts done before revocation of letters are valid.) If the letters of a representative are revoked, all acts done by him according to law before the revocation of his letters are valid. (Source: P.A. 79-328.)

(755 ILCS 5/24-1) (from Ch. 110 1/2, par. 24-1) Sec. 24-1. Duty to account.) (a) Except as provided in subsection (b), within 60 days after the expiration of 12 months after the issuance of letters or within such further time as the court allows and thereafter whenever required b…

(755 ILCS 5/24-10) (from Ch. 110 1/2, par. 24-10) Sec. 24-10. Interest on property withheld by representative of decedent's estate.) At the expiration of a period of 2 years after the issuance of letters of office in a decedent's estate, the representative shall be charged with i…

(755 ILCS 5/24-11) (from Ch. 110 1/2, par. 24-11) Sec. 24-11. Duty to account - ward's estate.) (a) The representative of a ward's estate shall present a verified account of his administration to the court which issued his letters within 30 days after the expiration of one year a…

(755 ILCS 5/24-12) (from Ch. 110 1/2, par. 24-12) Sec. 24-12. Termination of office of a representative of a ward.) The office of a representative of a ward terminates when the ward if a minor attains his majority, when the letters of a representative are revoked, when the repres…

(755 ILCS 5/24-13) (from Ch. 110 1/2, par. 24-13) Sec. 24-13. Accounting for a deceased representative or a representative under legal disability.) If a representative dies or is adjudged to be under legal disability or is adjudged a person subject to involuntary admission or mee…

(755 ILCS 5/24-14) (from Ch. 110 1/2, par. 24-14) Sec. 24-14. Accounting by surety on bond of representative.) If the letters issued to a representative are revoked and he fails or refuses to file an account within the time fixed by the court, the surety on his bond may present a…

(755 ILCS 5/24-15) (from Ch. 110 1/2, par. 24-15) Sec. 24-15. Stating an account.) The court may state an account on behalf of a representative who dies or is adjudged to be a person under legal disability and on whose behalf an account is not presented to the court within 60 day…

(755 ILCS 5/24-16) (from Ch. 110 1/2, par. 24-16) Sec. 24-16. Citation - attachment.) (a) If the representative fails or refuses to make settlement within 30 days after the expiration of the time provided by this Act, the court may order a citation to issue directing the responde…

(755 ILCS 5/24-17) (from Ch. 110 1/2, par. 24-17) Sec. 24-17. Devastavit.) The failure or refusal of a representative to pay any money or deliver any property to the person entitled thereto in pursuance of the lawful order of the court within 30 days after demand therefor amounts…