Chapter 760, TRUSTS AND FIDUCIARIES

(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 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 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 100/13) (from Ch. 21, par. 64.13) Sec. 13. Books, accounts, and records. Every licensee and the trustee of the care funds of every licensee shall be a resident of this State and shall keep in this State and use in its business such books, accounts and records as will en…

(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 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 100/14) (from Ch. 21, par. 64.14) Sec. 14. The Comptroller may at any time investigate the cemetery business of every licensee with respect to its care funds. The Comptroller shall examine at least annually every licensee who holds $250,000 or more in its care funds. Fo…

(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 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 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 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 100/15) (from Ch. 21, par. 64.15) Sec. 15. The Comptroller may, upon 10 days' notice to the licensee, by United States mail directed to the licensee at the address set forth in the license, stating the contemplated action and, in general, the grounds therefor, and upon …

(760 ILCS 15/15) (from Ch. 30, par. 515) Sec. 15. Nontrust 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 tr…

(760 ILCS 100/15.1) (from Ch. 21, par. 64.15-1) Sec. 15.1. The Comptroller may, in accordance with Section 15, revoke only the particular license with respect to which grounds for revocation may occur or exist, or if he finds that such grounds for revocation are of general applic…

(760 ILCS 100/15.2) (from Ch. 21, par. 64.15-2) Sec. 15.2. A licensee may surrender any license by delivering to the Comptroller written notice that he thereby surrenders such license but such surrender shall not affect such licensee's civil or criminal liability for acts committ…

(760 ILCS 100/15.3) (from Ch. 21, par. 64.15-3) Sec. 15.3. Every license issued hereunder shall remain in force until the same has been surrendered or revoked in accordance with this Act, but the Comptroller may on his own motion, issue new licenses to a licensee whose license or…

(760 ILCS 100/15.4) (from Ch. 21, par. 64.15-4) Sec. 15.4. No license shall be revoked until the licensee has had at least 10 days' notice of a hearing thereon and an opportunity to be heard. When any license is so revoked, the Comptroller shall within 20 days thereafter, prepare…

(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…

(760 ILCS 100/15a) (from Ch. 21, par. 64.15a) Sec. 15a. Where any cemetery authority owning, operating, controlling or managing a privately operated cemetery or any trustee for the same has accepted care funds within the meaning of this Act, and dissolution is sought by such ceme…

(760 ILCS 100/15b) Sec. 15b. Sales; liability of purchaser for shortage. In the case of a sale of any privately operated cemetery or any part thereof or of any related personal property by a cemetery authority to a purchaser or pursuant to foreclosure proceedings, except the sale…

(760 ILCS 100/16) (from Ch. 21, par. 64.16) Sec. 16. Whenever a licensee refuses or neglects to make a required report or whenever it appears to the Comptroller from any report or examination that such licensee has committed a violation of law or that the care funds have not been…

(760 ILCS 55/16) (from Ch. 14, par. 66) Sec. 16. (a) Any person who, intentionally and in breach of fiduciary duty with malice, misuses charitable assets is subject to punitive damages in an appropriate amount upon a trial on the issue. (b) Upon an application to the chancery div…

(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 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 55/16.5) Sec. 16.5. Terrorist acts. (a) Any person or organization subject to registration under this Act, who knowingly acts to further, directly or indirectly, or knowingly uses charitable assets to conduct or further, directly or indirectly, an act or actions as set …

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

(760 ILCS 100/17) (from Ch. 21, par. 64.17) Sec. 17. If the Comptroller finds at any time that the bond is insecure or exhausted or otherwise doubtful, an additional bond in like amount to be approved by the Comptroller shall be filed by the licensee within 30 days after written …

(760 ILCS 55/17) (from Ch. 14, par. 67) Sec. 17. Any trustee who with malice and without lawful authority, in violation of the trust purposes or by intentional breach of fiduciary duty, intentionally disburses or causes charitable trust funds to be used for his personal benefit o…

(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 100/18) (from Ch. 21, par. 64.18) Sec. 18. Application; when bond is unnecessary. The provisions of this Act as to the (a) registration, (b) application for license, (c) filing of a fidelity bond, (d) filing of an annual report, and (e) examination by the Comptroller, a…

(760 ILCS 55/18) (from Ch. 14, par. 68) Sec. 18. All copies of registration materials or financial documents filed with the Attorney General pursuant to the provisions of this Act shall, when certified by him or by his designated Assistant Attorney General, be taken and received …

(760 ILCS 100/19) (from Ch. 21, par. 64.19) Sec. 19. The Comptroller may make, amend, rescind and enforce such rules and regulations and amendments thereto, as may be necessary for the purpose of carrying out this Act. However, the Comptroller may not make or amend any rule or re…

(760 ILCS 55/19) (from Ch. 14, par. 69) Sec. 19. There is created in the State Treasury the Illinois Charity Bureau Fund. All fees and penalties collected by the Attorney General pursuant to this Act shall be deposited in the Illinois Charity Bureau Fund in the State Treasury. Mo…

(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 55/2) (from Ch. 14, par. 52) Sec. 2. This Act applies to any and all trustees, as defined in Section 3, holding property of a value in excess of $4,000. (Source: P.A. 90-469, eff. 8-17-97.)

(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 90/2) (from Ch. 21, par. 32) Sec. 2. Every company or association incorporated for cemetery purposes under any general or special law of the State of Illinois may receive, by gift, legacy, or otherwise, moneys or real or personal property, or the income or avails of suc…

(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 100/2) (from Ch. 21, par. 64.2) Sec. 2. Definitions. The following words, terms and phrases used in this Act, for the purpose of this Act, have the following meanings: "Person" means any person, partnership, association, corporation, or other entity. "Trustee" means any…

(760 ILCS 60/2) (from Ch. 148, par. 52) Sec. 2. Severability. If any provision of this Act or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of the Act which can be given effect without the …

(760 ILCS 95/2) (from Ch. 21, par. 64) Sec. 2. Any incorporated cemetery association incorporated not for pecuniary profit, may if it elects to do so, receive and hold money, funds and property in perpetual trust pursuant to the provisions of this act. Such election shall be evid…

(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 75/2) (from Ch. 17, par. 2052) Sec. 2. In addition to all other powers granted corporations authorized to accept and execute trusts in Illinois, such a corporation, when acting as a fiduciary or co-fiduciary, may, unless otherwise provided by the agreement, will, deed, …

(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 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 65/2) (from Ch. 17, par. 2002) Sec. 2. A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or …

(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…