Chapter 760 — TRUSTS AND FIDUCIARIES

(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 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 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 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 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 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 55/3) (from Ch. 14, par. 53) Sec. 3. "Trustee" means any person, individual, group of individuals, association, corporation, not-for-profit corporation, estate representative, or other legal entity holding property for or solicited for any charitable purpose; or any chi…

(760 ILCS 55/4) (from Ch. 14, par. 54) Sec. 4. (a) This Act does not apply to the United States, any State, territory or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or to any of their agencies or to any governmental subdivision; or …

(760 ILCS 55/5) (from Ch. 14, par. 55) Sec. 5. Registration requirement. (a) The Attorney General shall establish and maintain a register of trustees subject to this Act and of the particular trust or other relationship under which they hold property for charitable purposes and, …

(760 ILCS 55/5A) (from Ch. 14, par. 55A) Sec. 5A. Organizations that have been approved for participation under the Voluntary Payroll Deductions Act of 1983 shall be reported to the Attorney General by the Comptroller no later than May 1 of each year. (Source: P.A. 87-755.)

(760 ILCS 55/6) (from Ch. 14, par. 56) Sec. 6. (a) Every trustee subject to this Act who has received property for charitable purposes shall file and register with the Attorney General, within 6 months after any part of the income or principal is received for application to the c…

(760 ILCS 55/7) (from Ch. 14, par. 57) Sec. 7. (a) Except as otherwise provided, every trustee subject to this Act shall, in addition to filing copies of the instruments previously required, file with the Attorney General periodic annual written reports under oath, setting forth …

(760 ILCS 55/7.5) Sec. 7.5. Charitable trust for the benefit of a minor or person with a disability; report. (a) In the case of a charitable trust established for the benefit of a minor or person with a disability, the person or trustee responsible for the trust, if not the guard…

(760 ILCS 55/8) (from Ch. 14, par. 58) Sec. 8. The Attorney General may make additional rules and regulations necessary for the administration of this Act. (Source: Laws 1961, p. 2094.)

(760 ILCS 55/9) (from Ch. 14, par. 59) Sec. 9. The Attorney General may investigate transactions and relationships of trustees subject to this Act for the purpose of determining whether the property held for charitable purposes is properly administered. He may require any agent, …

(760 ILCS 60/0.01) (from Ch. 148, par. 50) Sec. 0.01. Short title. This Act may be cited as the Charitable Trust Tax Law Conformance Act. (Source: P.A. 86-1324.)

(760 ILCS 60/1) (from Ch. 148, par. 51) Sec. 1. Charitable trusts-Federal tax laws. (1) Notwithstanding any provision to the contrary in the governing instrument or under any other law of this State and except as otherwise provided by court order entered after June 8, 1971, the t…

(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 65/0.01) (from Ch. 17, par. 2000) Sec. 0.01. Short title. This Act may be cited as the Fiduciary Obligations Act. (Source: P.A. 86-1324.)

(760 ILCS 65/1) (from Ch. 17, par. 2001) Sec. 1. (1) In this Act unless the context or subject matter otherwise requires: "Fiduciary" includes a trustee under any trust, expressed, implied, resulting or constructive executor, administrator, guardian, conservator, curator, receive…

(760 ILCS 65/10) (from Ch. 17, par. 2010) Sec. 10. When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust acco…

(760 ILCS 65/11) (from Ch. 17, par. 2011) Sec. 11. In any case not provided for in this Act the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply. (Source: …

(760 ILCS 65/12) (from Ch. 17, par. 2012) Sec. 12. All acts or part of acts inconsistent with this act are hereby repealed. (Source: Laws 1931, p. 676.)

(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 65/4) (from Ch. 17, par. 2004) Sec. 4. If any negotiable instrument payable or indorsed to a fiduciary as such is indorsed by the fiduciary, or if any negotiable instrument payable or indorsed to his principal is indorsed by a fiduciary empowered to indorse such instrum…

(760 ILCS 65/5) (from Ch. 17, par. 2005) Sec. 5. If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fidu…

(760 ILCS 65/6) (from Ch. 17, par. 2006) Sec. 6. If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable to …

(760 ILCS 65/7) (from Ch. 17, par. 2007) Sec. 7. If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered…

(760 ILCS 65/8) (from Ch. 17, par. 2008) Sec. 8. If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the…

(760 ILCS 65/9) (from Ch. 17, par. 2009) Sec. 9. Notwithstanding any other law, if a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him…

(760 ILCS 70/0.01) (from Ch. 32, par. 439.49) Sec. 0.01. Short title. This Act may be cited as the Fiduciary Transfer of Securities Act. (Source: P.A. 86-1324.)

(760 ILCS 70/1) (from Ch. 32, par. 439.50) Sec. 1. Definitions. In this Act unless the context requires otherwise: (a) "Assignment" includes any written stock power, bill of sale, deed, declaration of trust or other instrument of transfer. (b) "Beneficial interest" includes the i…

(760 ILCS 70/2) (from Ch. 32, par. 439.51) Sec. 2. Assignment to a fiduciary. A corporation making a transfer of a security upon assignment by the registered owner to a person described as a fiduciary in the assignment or known by the corporation to be a fiduciary is not bound to…

(760 ILCS 70/3) (from Ch. 32, par. 439.52) Sec. 3. Assignment by a fiduciary. A corporation making a transfer of a security upon assignment by a fiduciary: (a) may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his au…

(760 ILCS 70/4) (from Ch. 32, par. 439.53) Sec. 4. Adverse claims. If a person having or asserting a claim of beneficial interest adverse to the transfer of a security from a fiduciary delivers written notice of the claim to the corporation before the transfer, the corporation sh…

(760 ILCS 70/5) (from Ch. 32, par. 439.54) Sec. 5. Non-liability of corporation. A corporation making a transfer of a security under this Act incurs no liability to any person. (Source: Laws 1957, p. 247.)

(760 ILCS 70/5a) (from Ch. 32, par. 439.54a) Sec. 5a. Non-liability of third persons. No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary including a person who guarantees the signature of the fiduciary is liable f…

(760 ILCS 70/6) (from Ch. 32, par. 439.55) Sec. 6. Application. The rights and duties of a corporation in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction u…

(760 ILCS 70/7) (from Ch. 32, par. 439.56) Sec. 7. Tax obligations. This Act shall not be construed to affect any obligation of a corporation with respect to estate, inheritance, succession or other taxes imposed by the laws of this State. (Source: Laws 1957, p. 247.)

(760 ILCS 70/9) (from Ch. 32, par. 439.57) Sec. 9. Effective date. This Act shall take effect on September 1, 1957. (Source: Laws 1957, p. 247.)

(760 ILCS 75/0.01) (from Ch. 17, par. 2050) Sec. 0.01. Short title. This Act may be cited as the Securities in Fiduciary Accounts Act. (Source: P.A. 86-1324.)

(760 ILCS 75/1) (from Ch. 17, par. 2051) Sec. 1. As used in this Act, unless the context otherwise requires: (a) "Fiduciary" means a corporation qualified to administer trusts in this State under "An Act to provide for and regulate the administration of trusts by trust companies"…

(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 75/3) (from Ch. 17, par. 2053) Sec. 3. The fiduciary shall be liable for the acts of its nominee or the nominee of the clearing corporation, Federal Reserve Bank or other fiduciary, as the case may be, with respect to any security so registered or deposited and shall be…

(760 ILCS 75/4) (from Ch. 17, par. 2054) Sec. 4. The provisions of this Act shall apply to all trusts, estates and other fiduciary accounts, including those heretofore at any time created or established, as well as those created or established on and after the effective date of t…

(760 ILCS 85/0.01) (from Ch. 103, par. 20.9) Sec. 0.01. Short title. This Act may be cited as the Trustee Surety Release Act. (Source: P.A. 86-1324.)

(760 ILCS 85/1) (from Ch. 103, par. 21) Sec. 1. Whenever any surety on the bond of any trustee of any fund or property appointed by any last will or other instrument in writing or appointed or created in any other manner than by appointment by a court, or any heir, executor or ad…

(760 ILCS 90/0.01) (from Ch. 21, par. 30.9) Sec. 0.01. Short title. This Act may be cited as the Burial Lot Perpetual Trust Act. (Source: P.A. 86-1324.)

(760 ILCS 90/1) (from Ch. 21, par. 31) Sec. 1. Any burial lot in any cemetery controlled by any company or association incorporated for cemetery purposes under any general or special law of the State of Illinois, may, by the owner or owners, be conveyed or bequeathed back to and …

(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…