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Full Text of SB3204  97th General Assembly

SB3204enr 97TH GENERAL ASSEMBLY

  
  
  

 


 
SB3204 EnrolledLRB097 15564 AJO 60701 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Power of Attorney Act is amended by
5changing Section 2-4 as follows:
 
6    (755 ILCS 45/2-4)  (from Ch. 110 1/2, par. 802-4)
7    Sec. 2-4. Applicability. (a) The principal may specify in
8the agency the event or time when the agency will begin and
9terminate, the mode of revocation or amendment and the rights,
10powers, duties, limitations, immunities and other terms
11applicable to the agent and to all persons dealing with the
12agent, and the provisions of the agency will control
13notwithstanding this Act, except that every health care agency
14must comply with Section 4-5 of this Act.
15    (b) From and after the effective date of this Act: (1) this
16Act governs every agency, whenever and wherever executed, and
17all acts of the agent to the extent the provisions of this Act
18are not inconsistent with the agency; and (2) this Act applies
19to all agencies exercised in Illinois and to all other agencies
20if the principal is a resident of Illinois at the time the
21agency is signed or at the time of exercise or if the agency
22indicates that Illinois law is to apply. Providing forms of
23statutory property and health care powers in Articles III and

 

 

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1IV does not limit the applicability of this Act, it being
2intended that every agency, including, without limitation, the
3statutory property and health care power agencies, shall have
4the benefit of and be governed by Article II, by Sections 4-1
5through 4-9 and Section 4-11 of Article IV, and by all other
6general provisions of this Act, except to the extent the terms
7of the agency are inconsistent with this Act.
8    (c) Notwithstanding the provisions of subsections (a) and
9(b), this Act shall not apply to an agreement or contract
10described in any of items (1) through (8) of this subsection
11under which a financial institution, defined as a (i) bank,
12trust company, savings bank, savings and loan, or credit union
13holding a federal charter or a charter from any of the states
14that is subject to regulation by the Illinois Secretary of
15Financial and Professional Regulation or (ii) broker-dealer
16registered with the United States Securities and Exchange
17Commission, is named as an agent for any person, provided that
18the agreement or contract does not include in its terms a
19durable power of attorney that survives the incapacity of the
20principal:
21        (1) a proxy or other delegation to exercise voting
22    rights or management rights with respect to a corporation,
23    partnership (general or limited), limited liability
24    company, condominium, commercial entity, or association;
25        (2) an agreement or contract given to a financial
26    institution to facilitate a specific transfer or

 

 

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1    disposition of one or more identified stocks, bonds, or
2    assets, whether real or personal, tangible or intangible;
3        (3) an agreement or directive authorizing a financial
4    institution to prepare, execute, deliver, submit, or file a
5    document or instrument with a government or governmental
6    subdivision, agency, or instrumentality, or other third
7    party;
8        (4) an agreement or contract authorizing a financial
9    institution or an officer of a financial institution to
10    take a specific action or actions in relation to an account
11    in which the financial institution (i) holds cash,
12    securities, commodities, or other financial assets on
13    behalf of the principal or (ii) acts as an investment
14    manager with a third party serving as the custodian of such
15    cash, securities, commodities, or other financial assets
16    on behalf of the principal;
17        (5) an agreement or contract authorizing a financial
18    institution to take specific actions with respect to
19    collateral in connection with a loan or other secured
20    credit transaction other than a mortgage;
21        (6) an agreement or contract given to a financial
22    institution by an individual who is, or is seeking to
23    become, a director, officer, stockholder, employee,
24    partner (general or limited), member, unit owner, equity
25    owner, trustee, manager, or agent of a corporation, a
26    partnership (general or limited), a limited liability

 

 

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1    company, a condominium, a legal or commercial entity, or an
2    association, in that individual's capacity as such,
3    including an agreement or directive contained in a
4    subscription agreement;
5        (7) an authorization contained in a certificate of
6    incorporation, bylaws, general or limited partnership
7    agreement, limited liability company agreement,
8    declaration of trust, declaration of condominium,
9    condominium offering plan, or other agreement or
10    instrument governing the internal affairs of an entity or
11    association authorizing a director, officer, shareholder,
12    employee, partner (general or limited), member, unit
13    owner, equity owner, trustee, manager, or other person to
14    take lawful actions relating to such entity or association;
15    or
16        (8) an agreement authorizing the acceptance of the
17    service of process on behalf of the person executing the
18    agreement.
19    (d) An agreement or contract described in subsection (c) is
20not a "nonstatutory property power" subject to subsection (b)
21of Section 3-3. This subsection (d) is declarative of existing
22law and is applicable to all agreements or contracts whenever
23executed.
24(Source: P.A. 86-736.)
 
25    Section 99. Effective date. This Act takes effect upon
26becoming law.