Illinois General Assembly - Full Text of Public Act 097-0868
Illinois General Assembly

Previous General Assemblies

Public Act 097-0868


 

Public Act 0868 97TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 097-0868
 
SB3204 EnrolledLRB097 15564 AJO 60701 b

    AN ACT concerning civil law.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Power of Attorney Act is amended by
changing Section 2-4 as follows:
 
    (755 ILCS 45/2-4)  (from Ch. 110 1/2, par. 802-4)
    Sec. 2-4. Applicability. (a) The principal may specify in
the agency the event or time when the agency will begin and
terminate, the mode of revocation or amendment and the rights,
powers, duties, limitations, immunities and other terms
applicable to the agent and to all persons dealing with the
agent, and the provisions of the agency will control
notwithstanding this Act, except that every health care agency
must comply with Section 4-5 of this Act.
    (b) From and after the effective date of this Act: (1) this
Act governs every agency, whenever and wherever executed, and
all acts of the agent to the extent the provisions of this Act
are not inconsistent with the agency; and (2) this Act applies
to all agencies exercised in Illinois and to all other agencies
if the principal is a resident of Illinois at the time the
agency is signed or at the time of exercise or if the agency
indicates that Illinois law is to apply. Providing forms of
statutory property and health care powers in Articles III and
IV does not limit the applicability of this Act, it being
intended that every agency, including, without limitation, the
statutory property and health care power agencies, shall have
the benefit of and be governed by Article II, by Sections 4-1
through 4-9 and Section 4-11 of Article IV, and by all other
general provisions of this Act, except to the extent the terms
of the agency are inconsistent with this Act.
    (c) Notwithstanding the provisions of subsections (a) and
(b), this Act shall not apply to an agreement or contract
described in any of items (1) through (8) of this subsection
under which a financial institution, defined as a (i) bank,
trust company, savings bank, savings and loan, or credit union
holding a federal charter or a charter from any of the states
that is subject to regulation by the Illinois Secretary of
Financial and Professional Regulation or (ii) broker-dealer
registered with the United States Securities and Exchange
Commission, is named as an agent for any person, provided that
the agreement or contract does not include in its terms a
durable power of attorney that survives the incapacity of the
principal:
        (1) a proxy or other delegation to exercise voting
    rights or management rights with respect to a corporation,
    partnership (general or limited), limited liability
    company, condominium, commercial entity, or association;
        (2) an agreement or contract given to a financial
    institution to facilitate a specific transfer or
    disposition of one or more identified stocks, bonds, or
    assets, whether real or personal, tangible or intangible;
        (3) an agreement or directive authorizing a financial
    institution to prepare, execute, deliver, submit, or file a
    document or instrument with a government or governmental
    subdivision, agency, or instrumentality, or other third
    party;
        (4) an agreement or contract authorizing a financial
    institution or an officer of a financial institution to
    take a specific action or actions in relation to an account
    in which the financial institution (i) holds cash,
    securities, commodities, or other financial assets on
    behalf of the principal or (ii) acts as an investment
    manager with a third party serving as the custodian of such
    cash, securities, commodities, or other financial assets
    on behalf of the principal;
        (5) an agreement or contract authorizing a financial
    institution to take specific actions with respect to
    collateral in connection with a loan or other secured
    credit transaction other than a mortgage;
        (6) an agreement or contract given to a financial
    institution by an individual who is, or is seeking to
    become, a director, officer, stockholder, employee,
    partner (general or limited), member, unit owner, equity
    owner, trustee, manager, or agent of a corporation, a
    partnership (general or limited), a limited liability
    company, a condominium, a legal or commercial entity, or an
    association, in that individual's capacity as such,
    including an agreement or directive contained in a
    subscription agreement;
        (7) an authorization contained in a certificate of
    incorporation, bylaws, general or limited partnership
    agreement, limited liability company agreement,
    declaration of trust, declaration of condominium,
    condominium offering plan, or other agreement or
    instrument governing the internal affairs of an entity or
    association authorizing a director, officer, shareholder,
    employee, partner (general or limited), member, unit
    owner, equity owner, trustee, manager, or other person to
    take lawful actions relating to such entity or association;
    or
        (8) an agreement authorizing the acceptance of the
    service of process on behalf of the person executing the
    agreement.
    (d) An agreement or contract described in subsection (c) is
not a "nonstatutory property power" subject to subsection (b)
of Section 3-3. This subsection (d) is declarative of existing
law and is applicable to all agreements or contracts whenever
executed.
(Source: P.A. 86-736.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 07/30/2012