Illinois General Assembly - Bill Status for SB0077
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 Bill Status of SB0077  93rd General Assembly


Short Description:  TRUSTS & TRUSTEES-DISTRIBUTION

Senate Sponsors
Sen. John J. Cullerton

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
760 ILCS 5/5.3
760 ILCS 15/4.5 new
760 ILCS 15/4.10 new


Synopsis As Introduced
Amends the Trusts and Trustees Act. Sets out notice requirements for converting a trust to a total return trust. Changes the amount of time that a trustee has to respond to a request for conversion from six months to 60 days. Lists items that the trustee or court may consider when deciding on a request to convert, reconvert, or determine a distribution percentage. Authorizes a court to order a trustee to pay an appropriate amount from the trustee's own funds to a trust or the beneficiaries if the court finds that the trustee did not act reasonably and in good faith. Amends the Principal and Income Act to provide for a trustee's power to adjust between principal and income.

Senate Committee Amendment No. 1
Deletes reference to:
760 ILCS 5/5.3
760 ILCS 15/4.5 new
760 ILCS 15/4.10 new
Adds reference to:
760 ILCS 5/1from Ch. 17, par. 1651

Deletes everything. Amends the Trusts and Trustees Act. Makes technical changes in a Section concerning the Act's short title.

Actions 
DateChamber Action
  1/22/2003SenateFiled with Secretary by Sen. John J. Cullerton
  1/22/2003SenateFirst Reading
  1/22/2003SenateReferred to Rules
  2/19/2003SenateAssigned to Judiciary
  2/27/2003SenatePostponed - Judiciary
  3/5/2003SenatePostponed - Judiciary
  3/10/2003SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. John J. Cullerton
  3/10/2003SenateSenate Committee Amendment No. 1 Referred to Rules
  3/11/2003SenateSenate Committee Amendment No. 1 Rules Refers to Judiciary
  3/11/2003SenateSenate Committee Amendment No. 1 Adopted
  3/13/2003SenateDo Pass as Amended Judiciary; 010-000-000
  3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003
  4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
  7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  1/11/2005SenateSession Sine Die

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