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91_SB1940
LRB9113338JSgc
1 AN ACT to amend the Trusts and Trustees Act by changing
2 Section 11.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Trusts and Trustees Act is amended by
6 changing Section 11 as follows:
7 (760 ILCS 5/11) (from Ch. 17, par. 1681)
8 Sec. 11. Accounts.
9 (a) Every trustee at least annually shall furnish to the
10 beneficiaries then entitled to receive or receiving the
11 income from the trust estate, or if none, then those
12 beneficiaries eligible to have the benefit of the income from
13 the trust estate a current account showing the receipts,
14 disbursements and inventory of the trust estate. A current
15 account shall be binding on the beneficiaries receiving the
16 account and on such beneficiaries' heirs and assigns unless
17 an action against the trustee is instituted by the
18 beneficiary or such beneficiary's heirs and assigns within 3
19 years from the date the current account is furnished.
20 (b) Every trustee shall on termination of the trust
21 furnish to the beneficiaries then entitled to distribution of
22 the trust estate a final account for the period from the date
23 of the last current account to the date of distribution
24 showing the inventory of the trust estate, the receipts,
25 disbursements and distributions and shall make available to
26 such beneficiaries copies of prior accounts not theretofore
27 furnished. Such final accounting shall be binding on the
28 beneficiaries receiving the same and all persons claiming by
29 or through them, unless an action against the trustee is
30 instituted by the beneficiary or person claiming by or
31 through him or her within 3 years from the date the final
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1 account is furnished.
2 (c) With respect to trust estates which terminated and
3 were distributed 10 years or less prior to January 1, 1988,
4 the final account furnished to the beneficiaries entitled to
5 distribution of the trust estate shall be binding on the
6 beneficiaries receiving the same and all persons claiming by
7 or through them, unless an action against the trustee is
8 instituted by the beneficiary or person claiming by or
9 through him or her within 5 years from January 1, 1988 or
10 within 10 years from the date the final account was
11 furnished, whichever is longer.
12 (d) With respect to trust estates which terminated and
13 were distributed more than 10 years prior to January 1, 1988,
14 the final account furnished to the beneficiaries entitled to
15 distribution of the trust estate shall be binding on the
16 beneficiaries receiving the same and all persons claiming by
17 or through them, unless an action against the trustee is
18 instituted by the beneficiary or person claiming by or
19 through him or her within 2 years from January 1, 1988.
20 (e) If a beneficiary is under a legal disability, the
21 account shall be provided to the representative of the estate
22 of the beneficiary and shall be binding on the beneficiary
23 and the beneficiary's estate unless an action against the
24 trustee is instituted by the representative within 3 years
25 from the date the account is furnished. If no
26 representative for the estate of a beneficiary under legal
27 disability has been appointed, the account shall be provided
28 to a spouse, parent, adult child, or guardian of the person
29 of the beneficiary and shall be binding on the beneficiary
30 unless an action is instituted against the trustee by the
31 spouse, parent, adult child, or guardian of the person to
32 whom the account is furnished within 3 years from the date it
33 is furnished.
34 (f) If the trustee is guilty of fraudulent concealment,
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1 notwithstanding subsection (a), (b), (c), (d) or (e), the
2 beneficiary may bring the action within the time limit set
3 forth in Section 13-215 of the Code of Civil Procedure.
4 (g) Receipt of an account by a beneficiary (or other
5 person, as provided) is presumed if the trustee has
6 procedures in place requiring the mailing or delivery
7 (including the mailing or delivery by electronic means or the
8 provision of access to an account by electronic means) of an
9 account to the beneficiary (or other person, as provided).
10 (Source: P.A. 89-344, eff. 1-1-96; 89-686, eff. 6-1-97.)
11 Section 99. Effective date. This Act takes effect upon
12 becoming law.