Bill Status of HB4662  97th General Assembly


Short Description:  TRUST-DISTRIBUTION-OTHER TRUST

House Sponsors
Rep. Emily McAsey

Senate Sponsors
(Sen. Kirk W. Dillard )

Last Action
DateChamber Action
  8/10/2012HousePublic Act . . . . . . . . . 97-0920

Statutes Amended In Order of Appearance
760 ILCS 5/16.4 new


Synopsis As Introduced
Amends the Trusts and Trustees Act. Provides conditions and requirements for the distribution of trust principal to a second trust. Provides that the changes apply to any trust in existence on the effective date and to any trust created on or after the effective date.

House Floor Amendment No. 2
Reorganizes the wording of provisions relating to notice. Provides that certain notices required to be given to beneficiaries shall be given to the Attorney General's Charitable Trust Bureau when the beneficiary is a charity. Provides that distribution of trust principal to a second trust may be made by agreement between a trustee and all primary beneficiaries of a first trust. Changes circumstances under which a settlor of a first trust is considered the settlor of a second trust. Provides that with respect to certain distributions of trust principal from a first trust to a second trust certain limitations upon claims by persons under a legal disability may be barred if not asserted within 2 years. Provides that if a trustee has notice of an objection to an action, the trustee has the burden of proof.

Actions 
DateChamber Action
  2/1/2012HouseFiled with the Clerk by Rep. Emily McAsey
  2/3/2012HouseFirst Reading
  2/3/2012HouseReferred to Rules Committee
  2/7/2012HouseAssigned to Judiciary I - Civil Law Committee
  2/29/2012HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000
  3/1/2012HousePlaced on Calendar 2nd Reading - Short Debate
  3/16/2012HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Emily McAsey
  3/16/2012HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/26/2012HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Emily McAsey
  3/26/2012HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  3/27/2012HouseSecond Reading - Short Debate
  3/27/2012HouseHeld on Calendar Order of Second Reading - Short Debate
  3/28/2012HouseHouse Floor Amendment No. 2 Rules Refers to Judiciary I - Civil Law Committee
  3/29/2012HouseHouse Floor Amendment No. 2 Recommends Be Adopted Judiciary I - Civil Law Committee; 011-000-000
  3/29/2012HouseHouse Floor Amendment No. 2 Adopted by Voice Vote
  3/29/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/29/2012HouseThird Reading - Short Debate - Passed 106-001-001
  3/29/2012HouseHouse Floor Amendment No. 1 Tabled Pursuant to Rule 40
  3/30/2012SenateArrive in Senate
  3/30/2012SenatePlaced on Calendar Order of First Reading April 17, 2012
  4/23/2012SenateChief Senate Sponsor Sen. Kirk W. Dillard
  4/24/2012SenateFirst Reading
  4/24/2012SenateReferred to Assignments
  5/1/2012SenateAssigned to Judiciary
  5/4/2012SenateRule 2-10 Committee Deadline Established As May 25, 2012
  5/8/2012SenateDo Pass Judiciary; 010-000-000
  5/8/2012SenatePlaced on Calendar Order of 2nd Reading May 9, 2012
  5/10/2012SenateSecond Reading
  5/10/2012SenatePlaced on Calendar Order of 3rd Reading May 15, 2012
  5/16/2012SenateThird Reading - Passed; 054-000-000
  5/16/2012HousePassed Both Houses
  6/14/2012HouseSent to the Governor
  8/10/2012HouseGovernor Approved
  8/10/2012HouseEffective Date January 1, 2013
  8/10/2012HousePublic Act . . . . . . . . . 97-0920