Bill Status of SB1294  97th General Assembly


Short Description:  TRUST-INVESTMENT TRUST ADVISOR

Senate Sponsors
Sen. Kirk W. Dillard

House Sponsors
(Rep. Mark H. Beaubien, Jr. )

Last Action
DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
760 ILCS 5/16.3 new
760 ILCS 5/16.4 new
760 ILCS 5/16.5 new
760 ILCS 5/16.6 new
760 ILCS 5/16.7 new


Synopsis As Introduced
Amends the Trusts and Trustees Act. Adds provisions authorizing an investment trust advisor, distribution trust advisor, and trust protector to be designated in the governing instrument of a trust. Adds provisions concerning the powers of an authorized trustee who has the absolute discretion to invade the principal of a trust. Adds provisions authorizing establishment of a Domestic Asset Protection Trust. Adds provisions concerning the modification or termination of an irrevocable trust. Contains provisions concerning definitions, conditions and requirements, applicability, and other matters. Effective immediately.

Senate Floor Amendment No. 3
Replaces everything after the enacting clause with only the provisions of the bill as introduced that concern directed trusts and the application of the directed trust provisions. Effective immediately.

Actions 
DateChamber Action
  2/8/2011SenateFiled with Secretary by Sen. Kirk W. Dillard
  2/8/2011SenateFirst Reading
  2/8/2011SenateReferred to Assignments
  3/2/2011SenateAssigned to Judiciary
  3/9/2011SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Kirk W. Dillard
  3/9/2011SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/10/2011SenatePostponed - Judiciary
  3/14/2011SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Kirk W. Dillard
  3/14/2011SenateSenate Committee Amendment No. 2 Referred to Assignments
  3/14/2011SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary
  3/15/2011SenateSenate Committee Amendment No. 1 Postponed - Judiciary
  3/15/2011SenateDo Pass Judiciary; 009-000-000
  3/15/2011SenatePlaced on Calendar Order of 2nd Reading March 16, 2011
  3/18/2011SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
  3/22/2011SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Kirk W. Dillard
  3/22/2011SenateSenate Floor Amendment No. 3 Referred to Assignments
  3/29/2011SenateSenate Floor Amendment No. 3 Assignments Refers to Judiciary
  3/29/2011SenateSecond Reading
  3/29/2011SenatePlaced on Calendar Order of 3rd Reading March 30, 2011
  3/29/2011SenateSenate Floor Amendment No. 3 Recommend Do Adopt Judiciary; 006-000-000
  3/31/2011SenateRecalled to Second Reading
  3/31/2011SenateSenate Floor Amendment No. 3 Adopted; Dillard
  3/31/2011SenatePlaced on Calendar Order of 3rd Reading April 6, 2011
  4/13/2011SenateThird Reading - Passed; 058-000-000
  4/13/2011SenateSenate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  4/13/2011SenateSenate Committee Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
  4/13/2011HouseArrived in House
  4/14/2011HousePlaced on Calendar Order of First Reading
  4/14/2011HouseChief House Sponsor Rep. Mark H. Beaubien, Jr.
  4/14/2011HouseReferred to Rules Committee
  4/21/2011HouseAssigned to Executive Committee
  5/13/2011HouseCommittee Deadline Extended-Rule 9(b) May 20, 2011
  5/20/2011HouseFinal Action Deadline Extended-9(b) May 27, 2011
  5/27/2011HouseFinal Action Deadline Extended-9(b) May 31, 2011
  5/31/2011HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013SenateSession Sine Die