Chapter 760 — TRUSTS AND FIDUCIARIES

(760 ILCS 20/21) (from Ch. 110 1/2, par. 271) Sec. 21. Termination of Custodianship. (a) The custodian shall transfer in an appropriate manner the custodial property (to the extent that it has not been used pursuant to this Act) to the minor or to the minor's estate upon the earl…

(760 ILCS 20/22) (from Ch. 110 1/2, par. 272) Sec. 22. Applicability. This Act applies to a transfer within the scope of Section 3 made after its effective date if: (1) the transfer purports to have been made under the Uniform Gifts to Minors Act of this State; or (2) the instrum…

(760 ILCS 20/23) (from Ch. 110 1/2, par. 273) Sec. 23. Effect on Existing Custodianships. (a) Any transfer of custodial property whether or not now defined in this Act made before the effective date of this Act is validated notwithstanding that there was no specific authority in …

(760 ILCS 20/24) (from Ch. 110 1/2, par. 274) Sec. 24. Uniformity of Application and Construction. This Act shall be applied and construed to effectuate its general purpose to make uniform to the extent accepted by this State the law with respect to the subject of this Act among …

(760 ILCS 20/3) (from Ch. 110 1/2, par. 253) Sec. 3. Scope and Jurisdiction. (a) This Act applies to a transfer that refers to this Act in the designation under Section 10(a) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian…

(760 ILCS 20/4) (from Ch. 110 1/2, par. 254) Sec. 4. Nomination of Custodian. (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary…

(760 ILCS 20/5) (from Ch. 110 1/2, par. 255) Sec. 5. Transfer by Gift or Exercise of Power of Appointment. A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to Se…

(760 ILCS 20/6) (from Ch. 110 1/2, par. 256) Sec. 6. Authorized Transfers. (a) A representative, trustee or other obligor under a governing instrument may make an irrevocable transfer pursuant to Section 10 to a custodian for the benefit of a minor as authorized in the governing …

(760 ILCS 20/7) (from Ch. 110 1/2, par. 257) Sec. 7. Other Transfer by Fiduciary. (a) Subject to subsection (c), a representative may make an irrevocable transfer to an adult or trust company as custodian for the benefit of a minor pursuant to Section 10, in the absence of an aut…

(760 ILCS 20/8) (from Ch. 110 1/2, par. 258) Sec. 8. Transfer by Other Obligor. (a) Subject to subsections (b) and (c), a person not subject to Section 5, 6 or 7 who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a…

(760 ILCS 20/9) (from Ch. 110 1/2, par. 259) Sec. 9. Receipt for Custodial Property. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this Act. (Source: P.A. 84-915.)…

(760 ILCS 25/0.01) (from Ch. 30, par. 210) Sec. 0.01. Short title. This Act may be cited as the Disclaimer Under Nontestamentary Instrument Act. (Source: P.A. 86-1324.)

(760 ILCS 25/1) (from Ch. 30, par. 211) Sec. 1. Right to Disclaim Transfers Under Nontestamentary Instruments. A grantee, donee, person succeeding to a disclaimed interest, beneficiary under a nontestamentary instrument or contract or person designated to take pursuant to a power…

(760 ILCS 30/0.01) (from Ch. 40, par. 1651.9) Sec. 0.01. Short title. This Act may be cited as the Instruments Regarding Adopted Children Act. (Source: P.A. 86-1324.)

(760 ILCS 30/1) (from Ch. 40, par. 1652) Sec. 1. Property rights. For the purpose of determining the property rights of any person under any nontestamentary instrument, an adopted child's relationship to his or her adopting and natural parents shall be governed by Section 2-4 of …

(760 ILCS 40/0.01) (from Ch. 48, par. 39s-90) Sec. 0.01. Short title. This Act may be cited as the Trusts for Employees Act. (Source: P.A. 86-1324.)

(760 ILCS 40/1) (from Ch. 48, par. 39t) Sec. 1. A trust created as a part of a plan for the benefit of some or all of the employees of one or more employers, including, but without limitation, a stock bonus, pension, disability, death benefit, profit sharing, unemployment benefit…

(760 ILCS 40/2) (from Ch. 48, par. 39u) Sec. 2. No rule of law against perpetuities or suspension of the power of alienation of the title to property shall operate to invalidate any trust heretofore created or attempted to be created by an employer as part of a stock bonus, pensi…

(760 ILCS 40/2a) (from Ch. 48, par. 39u1) Sec. 2a. No rule of law against perpetuities or suspension of the power of alienation of the title to property shall operate to invalidate any trust of the sort described in Section 1 of this Act heretofore created or attempted to be crea…

(760 ILCS 40/3) (from Ch. 48, par. 39v) Sec. 3. If any provision of this Act or the application thereof is held invalid, such invalidity shall not affect other provisions or applications of the Act which can be given effect without the invalid provision or application, and to thi…

(760 ILCS 45/1) (from Ch. 17, par. 2101) Sec. 1. Short title. This Act may be cited as the "Common Trust Fund Act". (Source: Laws 1943, vol. 1, p. 230.)

(760 ILCS 45/2) (from Ch. 17, par. 2102) Sec. 2. Definitions.) As used in this Act, unless the context otherwise requires: (a) "Bank or trust company" means any state bank, any national bank, any trust company or any other corporation, qualified to act as a fiduciary in this Stat…

(760 ILCS 45/3) (from Ch. 17, par. 2103) Sec. 3. Establishment of common trust fund. Any bank or trust company may, at and during such time as it is qualified to act as a fiduciary in this State, establish, maintain, and administer one or more common trust funds for the purpose o…

(760 ILCS 45/3.1) (from Ch. 17, par. 2104) Sec. 3.1. Participation by affiliates.) Any bank or trust company may include for the purpose of collective investment in any common trust fund or funds established, maintained and administered by it, funds held by an affiliate in its ca…

(760 ILCS 45/4) (from Ch. 17, par. 2105) Sec. 4. Written plan.) Each common trust fund shall be established, administered and maintained in accordance with a written declaration of trust, herein referred to as the "plan", prepared by the bank or trust company and approved by reso…

(760 ILCS 45/5) (from Ch. 17, par. 2106) Sec. 5. Management of the common trust funds. Title to all assets of the common trust fund shall, at all times, be vested in the bank or trust company, as trustee of the common trust fund, and such assets shall be deemed to be held by the …

(760 ILCS 45/6) (from Ch. 17, par. 2107) Sec. 6. Participation in common trust fund.) The bank or trust company shall designate clearly upon its records the names of the fiduciary accounts on behalf of which the bank or trust company, or any affiliate thereof, as fiduciary or co-…

(760 ILCS 45/7) (from Ch. 17, par. 2108) Sec. 7. Severability. If any provision of this Act or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect the other provisions or applications of the Act which can be given effect without…

(760 ILCS 45/8) Sec. 8. Reliance on Commissioner of Banks and Real Estate. No fiduciary or other person shall be liable under this Act for any act done or omitted in good faith in conformity with any rule, interpretation, or opinion issued by the Commissioner of Banks and Real Es…

(760 ILCS 51/1) Sec. 1. Short title. This Act may be cited as the Uniform Prudent Management of Institutional Funds Act. (Source: P.A. 96-29, eff. 6-30-09.)

(760 ILCS 51/10) Sec. 10. Uniformity of application and construction. In applying and construing this uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Source: P.A. 96-29, eff. 6-3…

(760 ILCS 51/10.1) Sec. 10.1. Repeal. The following Act is repealed: The Uniform Management of Institutional Funds Act. (Source: P.A. 96-29, eff. 6-30-09.)

(760 ILCS 51/10.2) Sec. 10.2. (Amendatory provisions; text omitted). (Source: P.A. 96-29, eff. 6-30-09; text omitted.)

(760 ILCS 51/11) Sec. 11. Effective date. This Act takes effect upon becoming law. (Source: P.A. 96-29, eff. 6-30-09.)

(760 ILCS 51/2) Sec. 2. Definitions. In this Act: (1) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the c…

(760 ILCS 51/3) Sec. 3. Standard of conduct in managing and investing institutional fund. (a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institutio…

(760 ILCS 51/4) Sec. 4. Appropriation for expenditure or accumulation of endowment fund; rules of construction. (a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the …

(760 ILCS 51/5) Sec. 5. Delegation of management and investment functions. (a) Subject to any specific limitation set forth in a gift instrument or in law other than this Act, an institution may delegate to an external agent the management and investment of an institutional fund …

(760 ILCS 51/6) Sec. 6. Release or modification of restrictions on management, investment, or purpose. (a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or …

(760 ILCS 51/7) Sec. 7. Reviewing compliance. Compliance with this Act is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. (Source: P.A. 96-29, eff. 6-30-09.)

(760 ILCS 51/8) Sec. 8. Application to existing institutional funds. This Act applies to institutional funds existing on or established after the effective date of this Act. As applied to institutional funds existing on the effective date of this Act, this Act governs only decisi…

(760 ILCS 51/9) Sec. 9. Relation to Electronic Signatures in Global and National Commerce Act. This Act modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section…

(760 ILCS 55/1) (from Ch. 14, par. 51) Sec. 1. This Act may be cited as the Charitable Trust Act. (Source: P.A. 102-558, eff. 8-20-21.)

(760 ILCS 55/10) (from Ch. 14, par. 60) Sec. 10. When the Attorney General requires the attendance of any person, as provided in Section 9, he shall issue an order setting forth the time when and the place where attendance is required and shall cause the same to be served upon th…

(760 ILCS 55/11) (from Ch. 14, par. 61) Sec. 11. Subject to reasonable rules and regulations adopted by the Attorney General, the register, copies of instruments and reports filed with the Attorney General shall be open to public inspection. (Source: Laws 1961, p. 2094.)

(760 ILCS 55/12) (from Ch. 14, par. 62) Sec. 12. The Attorney General may institute appropriate proceedings to secure compliance with this Act and to secure the proper administration of any trust or other relationship to which this Act applies. Venue shall be proper in any county…

(760 ILCS 55/13) (from Ch. 14, par. 63) Sec. 13. This Act shall apply regardless of any contrary provisions of any instrument. (Source: Laws 1961, p. 2094.)

(760 ILCS 55/14) (from Ch. 14, par. 64) Sec. 14. If any provision of this Act or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of the Act which can be given effect without the invalid provis…

(760 ILCS 55/15) (from Ch. 14, par. 65) Sec. 15. (a) Charitable trustees are subject to certain duties otherwise defined in Illinois statutes and case law, which include but are not limited to the following: (1) To avoid "self-dealing" and conflicts of interest; (2) To avoid wast…

(760 ILCS 55/15.5) Sec. 15.5. Termination and transfer of certain trusts. (a) If a trustee who is subject to this Act determines that the continued administration of a trust has become impractical because of the trust's small size or because of changed circumstances that adversel…