Chapter 760 — TRUSTS AND FIDUCIARIES

(760 ILCS 3/904) Sec. 904. Duties at inception of trusteeship. A trustee has a duty, within a reasonable time after the acceptance of a trusteeship, to review trust assets and to make and implement decisions concerning the retention and disposition of original preexisting investm…

(760 ILCS 3/905) Sec. 905. Court action. Nothing in this Article abrogates or restricts the power of an appropriate court in proper cases to: (i) direct or permit the trustee to deviate from the terms of the trust; or (ii) to direct or permit the trustee to take, or to restrain t…

(760 ILCS 3/906) Sec. 906. (Reserved). (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/907) Sec. 907. (Reserved). (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/908) Sec. 908. Reviewing compliance. No specific investment course of action is, taken alone, prudent or imprudent. The trustee may invest in every kind of property and type of investment, subject to this Article. A trustee's investment decisions and actions are to be…

(760 ILCS 3/909) Sec. 909. Delegation of investment and management functions. Notwithstanding any other provision of this Code, before delegating any investment functions to an agent in accordance with subsection (b) of Section 807, a trustee shall conduct an inquiry into the exp…

(760 ILCS 3/910) Sec. 910. Language invoking standard of Article. The following terms or comparable language in the investment powers and related provisions of a trust instrument, unless otherwise limited or modified by that instrument, shall be construed as authorizing any inves…

(760 ILCS 3/911) Sec. 911. (See Section 900 for short title.) (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/912) Sec. 912. Application to existing trusts. The Sections of this Article that precede this Section apply to all existing and future trusts, but only as to actions or inactions occurring on or after January 1, 1992. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/913) Sec. 913. Life insurance. (a) Notwithstanding any other provision, the duties of a trustee with respect to acquiring or retaining as a trust asset a contract of insurance upon the life of the settlor, upon the lives of the settlor and the settlor's spouse, or upo…

(760 ILCS 3/914) Sec. 914. Investments in affiliated investments; transactions with affiliates. (a) As used in this Section: (1) "Affiliate" means any corporation or other entity that directly or indirectly is controlled by a financial institution acting in a fiduciary capacity, …

(760 ILCS 3/9999) Sec. 9999. Effective date. This Act takes effect January 1, 2020. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 10/1) (from Ch. 17, par. 1751) Sec. 1. When used in this Act unless the context otherwise requires: (a) "War Service" means the following: (1) Membership in any of the military, naval or air forces of the United States or any of its allies; (2) Internment in any country…

(760 ILCS 10/2) (from Ch. 17, par. 1752) Sec. 2. Whenever any trustee is in war service, that trustee or any co-trustee or any person interested in the trust estate may file in the circuit court to appoint a successor trustee a complaint for the suspension of the exercise of the …

(760 ILCS 10/3) (from Ch. 17, par. 1753) Sec. 3. The provisions of the Civil Practice Law and all existing and future amendments of that Law and modifications thereof, and the Supreme Court Rules now or hereafter adopted in relation to that Law, shall apply to all proceedings her…

(760 ILCS 10/4) (from Ch. 17, par. 1754) Sec. 4. Upon a hearing on the complaint the court may: (a) Enter an order suspending the exercise by the trustee of his powers and duties while he is in war service and until the further order of the court. (b) Appoint a temporary trustee …

(760 ILCS 10/5) (from Ch. 17, par. 1755) Sec. 5. When his war service is terminated, the court shall upon a petition therefor order the reinstatement of the trustee and remove the temporary trustee. (Source: Laws 1943, vol. 1, p. 1367.)

(760 ILCS 10/6) (from Ch. 17, par. 1756) Sec. 6. The trustee in war service has no responsibility for the acts and omissions of the co-trustee or temporary trustee. The co-trustee or temporary trustee appointed hereunder or any other successor trustee has no responsibility for th…

(760 ILCS 10/7) (from Ch. 17, par. 1757) Sec. 7. This Act may be cited as the Trustees' Emergency Act. (Source: Laws 1943, vol. 1, p. 1367.)

(760 ILCS 15/1) (from Ch. 30, par. 501) Sec. 1. Short Title. This Act may be cited as the Principal and Income Act. (Source: P.A. 86-1475.)

(760 ILCS 15/10) (from Ch. 30, par. 510) Sec. 10. Disposition of natural resources. (a) If any part of the principal consists of a right to receive royalties, overriding or limited royalties, working interests, production payments, net profit interests, or other interest in miner…

(760 ILCS 15/12) (from Ch. 30, par. 512) Sec. 12. Other property subject to depletion. Except as provided in Section 10, if the principal consists of property subject to depletion, including leaseholds, patents, copyrights, trademarks, and royalty rights, the receipts therefrom s…

(760 ILCS 15/12.1) (from Ch. 30, par. 512.1) Sec. 12.1. Employment related periodic payments. (a) Except as provided in subsection (b), if any part of the principal consists of the right to receive periodic payments under an employment related contract or plan or an individual re…

(760 ILCS 15/13) (from Ch. 30, par. 513) Sec. 13. Nonapportionment of proceeds. Except to the extent provided in Section 8 and Section 10, no portion of the net proceeds of the sale or other disposition of property (whether nonproductive, underproductive, or productive) shall be …

(760 ILCS 15/14) (from Ch. 30, par. 514) Sec. 14. Charges against income and principal. (a) The following charges shall be made against income: (1) ordinary expenses, other than compensation as provided in paragraph (6) of this subsection (a), incurred by the trustee in connectio…

(760 ILCS 15/15) (from Ch. 30, par. 515) Sec. 15. Non-trust estates. (a) The provisions of this Act, as far as applicable, shall apply to nontrust estates subject to any agreement of the parties or any specific direction by statute or otherwise, and the references to trusts and t…

(760 ILCS 15/16) (from Ch. 30, par. 516) Sec. 16. Application of Act. Except as specifically provided in the governing instrument or in this Act, this Act shall apply to any receipt or expense received or incurred on or after the effective date of this Act by any trust, decedent'…

(760 ILCS 15/16a) (from Ch. 30, par. 516a) Sec. 16a. Repealer. The "Principal and Income Act", approved July 17, 1941, as amended, is repealed. (Source: P.A. 82-390.)

(760 ILCS 15/17) (from Ch. 30, par. 517) Sec. 17. This Act takes effect January 1, 1982. (Source: P.A. 82-390.)

(760 ILCS 15/2) (from Ch. 30, par. 502) Sec. 2. Definitions. As used in this Act: (a) "income beneficiary" means the person to whom income is presently payable or for whom it is accumulated for distribution as income; (b) "inventory value" means the cost of property purchased by …

(760 ILCS 15/3) (from Ch. 30, par. 503) Sec. 3. Scope of Act; rules of administration. (a) This Act governs the ascertainment of income and principal and the apportionment of receipts and expenses in all cases where a trust is established unless otherwise stated hereinafter, to t…

(760 ILCS 15/4) (from Ch. 30, par. 504) Sec. 4. Income and Principal Defined. (a) Income is the return in money or property derived from the use of principal, including return received as: (1) rent of real or personal property, including sums received for cancellation or renewal …

(760 ILCS 15/5) (from Ch. 30, par. 505) Sec. 5. When right to income commences and terminates. (a) An income beneficiary is entitled to income from the date or event specified in the instrument, or, if none is specified, from the date an asset becomes subject to the trust. In the…

(760 ILCS 15/6) (from Ch. 30, par. 506) Sec. 6. Administration of a decedent's estate. (a) Subject to subsection (b), all expenses incurred in connection with the settlement of a decedent's estate, including debts, funeral expenses, estate taxes, family allowances, fees of attorn…

(760 ILCS 15/7) (from Ch. 30, par. 507) Sec. 7. Corporate Distributions. (a) Corporate distributions of shares of the distributing corporation, including distributions in the form of a stock split or stock dividend, are principal. A right to subscribe to shares or other securitie…

(760 ILCS 15/8) (from Ch. 30, par. 508) Sec. 8. Premium and discount. (a) A bond or other obligation for the payment of money is principal at its inventory value. No provision shall be made for amortization of premiums or for accumulation for discounts. Except as provided in subs…

(760 ILCS 15/9) (from Ch. 30, par. 509) Sec. 9. Business and farming operations. (a) If a trustee uses any part of the principal in the operation of a business or, except as provided in subsection (b), an agricultural or farming operation, including the raising of animals or the …

(760 ILCS 20/1) (from Ch. 110 1/2, par. 251) Sec. 1. Short title. This Act shall be known and may be cited as the "Illinois Uniform Transfers to Minors Act". (Source: P.A. 84-915.)

(760 ILCS 20/10) (from Ch. 110 1/2, par. 260) Sec. 10. Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control. (a) Custodial property is created and a transfer is made whenever: (1) an uncertificated security or a certificated secu…

(760 ILCS 20/11) (from Ch. 110 1/2, par. 261) Sec. 11. Single Custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this Act by the same custodian for the benefit of the same minor constitutes a singl…

(760 ILCS 20/12) (from Ch. 110 1/2, par. 262) Sec. 12. Validity and Effect of Transfer. (a) The validity of a transfer made in a manner prescribed in this Act is not affected by: (1) failure of the transferor to comply with Section 10(c) concerning possession and control; (2) des…

(760 ILCS 20/13) (from Ch. 110 1/2, par. 263) Sec. 13. Care of Custodial Property. (a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial prope…

(760 ILCS 20/14) (from Ch. 110 1/2, par. 264) Sec. 14. Powers of Custodian. (a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise th…

(760 ILCS 20/15) (from Ch. 110 1/2, par. 265) Sec. 15. Use of Custodial Property. (a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without…

(760 ILCS 20/16) (from Ch. 110 1/2, par. 266) Sec. 16. Custodian's Expenses, Compensation, and Bond. (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (b) Except for one who is a tra…

(760 ILCS 20/17) (from Ch. 110 1/2, par. 267) Sec. 17. Exemption of Third Person from Liability. A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacit…

(760 ILCS 20/18) (from Ch. 110 1/2, par. 268) Sec. 18. Liability to Third Persons. (a) A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort commi…

(760 ILCS 20/19) (from Ch. 110 1/2, par. 269) Sec. 19. Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian. (a) A person nominated under Section 4 or designated under Section 6 or Section 10 as custodian may decline to serve by delivering…

(760 ILCS 20/2) (from Ch. 110 1/2, par. 252) Sec. 2. Definitions. In this Act: (1) "Adult" means an individual who has attained the age of 21 years. (2) "Benefit plan" means any pension plan, retirement, death benefit, deferred compensation, employment, agency, stock bonus, optio…

(760 ILCS 20/20) (from Ch. 110 1/2, par. 270) Sec. 20. Accounting by and Determination of Liability of Custodian. (a) A minor who has attained the age of 14 years, the minor's representative, an adult member of the minor's family, a transferor, or a transferor's representative ma…