Rep. Emily McAsey

Filed: 3/16/2012





09700HB4662ham001LRB097 14569 JLS 67402 a


2    AMENDMENT NO. ______. Amend House Bill 4662 on page 8 by
3inserting immediately below line 12 the following:
4        "(4) If a charity is a current beneficiary or
5    presumptive remainder beneficiary of the trust, the notice
6    shall also be given to the Attorney General's Charitable
7    Trust Bureau."; and
8on page 9, line 24, by replacing "do so" with "extend or
9lengthen its perpetuities period"; and
10on page 10 by replacing lines 25 and 26 with the following:
11"provision of applicable law, or a court order. In addition,
12distribution of trust principal to a second trust may be made
13by agreement between a trustee and all primary beneficiaries of
14a first trust, acting either individually or by their



09700HB4662ham001- 2 -LRB097 14569 JLS 67402 a

1respective representatives in accordance with Section 16.1 of
2this Act."; and
3on page 16, line 9, by replacing "Section" with "Section. If
4the settlor of a first trust is not also the settlor of a
5second trust, then the settlor of the first trust shall be
6considered the settlor of the second trust, but only with
7respect to the portion of second trust distributed from the
8first trust in accordance with this Section"; and
9on page 17, line 5, by replacing "The" with "Except for a
10distribution of trust principal from a first trust to a second
11trust made by agreement in accordance with Section 16.1 of this
12Act, the".