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Public Act 91-0090
SB116 Enrolled LRB9100080DJcd
AN ACT to amend the Illinois Uniform Transfers to Minors
Act by changing Sections 2 and 15.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Uniform Transfers to Minors Act
is amended by changing Sections 2 and 15 as follows:
(760 ILCS 20/2) (from Ch. 110 1/2, par. 252)
Sec. 2. Definitions. In this Act:
(1) "Adult" means an individual who has attained the age
of 21 years.
(2) "Benefit plan" means any pension plan, retirement,
death benefit, deferred compensation, employment, agency,
stock bonus, option or profit sharing contract, plan, system,
account, trust or individual retirement account. A benefit
plan "obligor" means the party designated under the plan to
make distributions, otherwise the paying entity.
(3) "Beneficial interest in a land trust" and "land
trust" mean the same as "beneficial interest" and "land
trust" as defined in "An Act to require disclosure, under
certification of perjury, of all beneficial interests in real
property held in a land trust, in certain cases", approved
September 21, 1973, as now or hereafter amended.
(4) "Broker" means a person lawfully engaged in the
business of effecting transactions in securities or
commodities for the person's own account or for the account
of another.
(5) "Court" means an Illinois circuit court.
(6) "Custodial property" means (i) any interest in
property transferred to a custodian under this Act and (ii)
the income from and proceeds of that interest in property.
(7) "Custodian" means a person designated under Section
10 or a successor or substitute custodian designated under
Section 19.
(8) "Financial Institution" means a bank, trust company,
savings institution, or credit union, chartered and
supervised under state or federal law.
(9) "Governing instrument" means any judicial order or
non-judicial document creating or describing property rights.
(10) "Guardian" means a person appointed or qualified by
a court to act as general, limited or temporary guardian of a
minor's property or a person legally authorized to perform
substantially the same functions.
(11) "Member of the minor's family" means the minor's
parent, stepparent, spouse, grandparent, brother, sister,
uncle, or aunt, whether of the whole or half blood or by
adoption.
(12) "Minor" means an individual who has not attained
the age of 21 years.
(13) "Person" means an individual, corporation,
organization, or other entity.
(13.5) "Qualified minor's trust" means any trust
(including a trust created by the custodian) (i) of which
the minor is the sole beneficiary and (ii) that satisfies the
requirements of Section 2503(c) of the Internal Revenue Code
and the regulations implementing that Section.
(14) "Representative" means an executor, administrator,
general, temporary or limited guardian, successor
representative, an obligor under a benefit plan or other
governing instrument or a person legally authorized to
perform substantially the same functions.
(15) "State" includes any state of the United States,
the District of Columbia, the Commonwealth of Puerto Rico,
and any territory or possession subject to the legislative
authority of the United States.
(16) "Transfer" means a transaction that creates
custodial property under Section 10.
(17) "Transferor" means a person who makes a transfer
under this Act.
(18) "Trust company" means a financial institution,
corporation, or other entity, authorized to exercise general
trust powers.
(Source: P.A. 84-1129.)
(760 ILCS 20/15) (from Ch. 110 1/2, par. 265)
Sec. 15. Use of Custodial Property. (a) A custodian may
deliver or pay to the minor or expend for the minor's benefit
so much of the custodial property as the custodian considers
advisable for the use and benefit of the minor, without court
order and without regard to (i) the duty or ability of the
custodian personally or of any other person to support the
minor, or (ii) any other income or property of the minor
which may be applicable or available for that purpose.
(a-5) At any time, a custodian may transfer part or all
of the custodial property to a qualified minor's trust
without a court order. Such a transfer terminates the
custodianship to the extent of the transfer.
(b) On petition of an interested person or the minor if
the minor has attained the age of 14 years, the court may
order the custodian to deliver or pay to the minor or expend
for the minor's benefit so much of the custodial property as
the court considers advisable for the use and benefit of the
minor.
(c) A delivery, payment, or expenditure under this
Section is in addition to, not in substitution for, and does
not affect any obligation of a person to support the minor.
(Source: P.A. 84-915.)
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