Illinois General Assembly

Previous General Assemblies

Full Text of SB1877  99th General Assembly

SB1877sam001 99TH GENERAL ASSEMBLY

Sen. Ira I. Silverstein

Filed: 3/13/2015

 

 


 

 


 
09900SB1877sam001LRB099 10969 HEP 31885 a

1
AMENDMENT TO SENATE BILL 1877

2    AMENDMENT NO. ______. Amend Senate Bill 1877 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Trusts and Trustees Act is amended by
5adding Section 8.5 as follows:
 
6    (760 ILCS 5/8.5 new)
7    Sec. 8.5. Certification of trust.
8    (a) Instead of furnishing a copy of the trust instrument to
9a person other than the beneficiary, the trustee may furnish to
10the person a certification of trust containing the following
11information:
12        (1) a statement that the trust exists and the date the
13    trust instrument was executed;
14        (2) the identity of the settlor;
15        (3) the identity and address of the currently acting
16    trustee;

 

 

09900SB1877sam001- 2 -LRB099 10969 HEP 31885 a

1        (4) the powers of the trustee;
2        (5) the revocability or irrevocability of the trust,
3    whether the trust is amendable or unamendable, and the
4    identity of any person holding a power to revoke or amend
5    the trust;
6        (6) the authority of co-trustees to sign or otherwise
7    authenticate and whether all or less than all are required
8    in order to exercise powers of the trustee;
9        (7) the trust's taxpayer identification number; and
10        (8) the manner of taking title to trust property.
11    (b) A certification of trust must be signed or otherwise
12authenticated by one or more of the trustees. A third party may
13require that the certification of trust be acknowledged.
14    (c) A certification of trust must state that the trust has
15not been revoked, modified, or amended in any manner that would
16cause the representations contained in the certification of
17trust to be incorrect.
18    (d) A certification of trust need not contain the
19dispositive terms of a trust.
20    (e) A recipient of a certification of trust may require the
21trustee to furnish copies of those excerpts from the original
22trust instrument and later amendments which designate the
23trustee and confer upon the trustee the power to act in the
24pending transaction.
25    (f) A person who acts in reliance upon a certification of
26trust without knowledge that the representations contained

 

 

09900SB1877sam001- 3 -LRB099 10969 HEP 31885 a

1therein are incorrect is not liable to any person for so acting
2and may assume without inquiry the existence of the facts
3contained in the certification. Knowledge of the terms of the
4trust may not be inferred solely from the fact that a copy of
5all or part of the trust instrument is held by the person
6relying upon the certification.
7    (g) A person who in good faith enters into a transaction in
8reliance upon a certification of trust may enforce the
9transaction against the trust property as if the
10representations contained in the certification were correct.
11    (h) A person making a demand for the trust instrument in
12addition to a certification of trust or excerpts is liable for
13damages if the court determines that the person did not act in
14good faith in demanding the trust instrument. A person required
15to examine a complete copy of the trust instrument for purposes
16of complying with applicable federal, state, or local law, a
17person acting in a fiduciary capacity with respect to a trust,
18and the Attorney General's Charitable Trust Bureau are deemed
19to be acting in good faith when demanding a copy of the trust
20instrument.
21    (i) This Section does not limit the right of a person to
22obtain a copy of the trust instrument in a judicial proceeding
23concerning the trust.
24    (j) A certification of trust may be substantially as
25follows, provided that nothing in this subsection (j) shall
26invalidate or bar the use of a certification of trust in any

 

 

09900SB1877sam001- 4 -LRB099 10969 HEP 31885 a

1other or different form:
2
CERTIFICATION OF TRUST
3Name of trust:...............................................
4Date trust instrument was executed:..........................
5Tax Identification Number of trust (SSN or EIN):.............
6Name(s) of settlor(s) of trust:..............................
7Name(s) of currently acting trustee(s):......................
8Address(es) of currently acting trustee(s):..................
9.... This trust states that .... of .... co-trustee(s) are
10required to exercise the powers of the trustee.
11.... The co-trustees authorized to sign or otherwise
12authenticate on behalf of the trust are:.....................
13.... There are no co-trustees authorized to sign or otherwise
14authenticate on behalf of the trust.
15Name(s) of successor trustee(s):.............................
16The trustee(s) has (have) the power to (state, synopsize, or
17describe relevant powers):...................................
18Title to the trust property shall be taken as follows (for
19example, "John Doe and Jane Doe, co-trustees of the Doe Family
20Living Trust, dated January 4, 1999"):.......................
21.............................................................
22.... This is an irrevocable trust.
23.... This is a revocable trust. Name(s) of person(s) holding
24power to revoke the trust:...................................
25.... This is an unamendable trust.
26.... This trust is amendable. Name(s) of person(s) holding

 

 

09900SB1877sam001- 5 -LRB099 10969 HEP 31885 a

1power to amend the trust:....................................
 
2I (we) certify that the above named trust is in full force and
3has not been revoked, modified, or amended in any manner which
4would cause the representations in this Certification of Trust
5to be incorrect.
 
6IN WITNESS THEREOF, each of the undersigned, being a trustee of
7the above-named trust with the authority to execute this
8Certification of Trust, does hereby execute it this ..... day
9of .........., .......
 
10Trustee Signature: .............
11Printed Name: ..................
 
12Trustee Signature: .............
13Printed Name: ..................
 
14[OPTIONAL:
15This instrument was signed and acknowledged before me on
16.........., ...... (date) by (name/s of person/s):.........
 
17(Signature of Notary Public):
18............................
19(SEAL)]
 

 

 

09900SB1877sam001- 6 -LRB099 10969 HEP 31885 a

1    Section 99. Effective date. This Act takes effect upon
2becoming law.".