103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4320

 

Introduced 1/16/2024, by Rep. Amy Elik

 

SYNOPSIS AS INTRODUCED:
 
760 ILCS 3/810

    Amends the Duties and Powers of Trustee Article of the Illinois Trust Code. Requires a trustee to maintain trust records for a minimum of 7 years. Requires a trustee in possession of any documentation regarding unclaimed property that may be needed to support an interested person's claim to the property, prior to the destruction of the documentation, to check with the State Treasurer as to whether the State Treasurer is holding any unclaimed property.


LRB103 36119 LNS 66210 b

 

 

A BILL FOR

 

HB4320LRB103 36119 LNS 66210 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 Trust Code is amended by changing
5Section 810 as follows:
 
6    (760 ILCS 3/810)
7    Sec. 810. Recordkeeping and identification of trust
8property.
9    (a) A trustee shall keep adequate records of the
10administration of the trust.
11    (b) A trustee shall keep trust property separate from the
12trustee's own property.
13    (c) Except as otherwise provided in subsection (d), a
14trustee not subject to federal or state banking regulation
15shall cause the trust property to be designated so that the
16interest of the trust, to the extent feasible, appears in
17records maintained by a party other than a trustee or
18beneficiary to whom the trustee has delivered the property.
19    (d) If the trustee maintains records clearly indicating
20the respective interests, a trustee may invest as a whole the
21property of 2 or more separate trusts.
22    (e) A trustee shall maintain trust records for a minimum
23of 7 years.

 

 

HB4320- 2 -LRB103 36119 LNS 66210 b

1    (f) A trustee in possession of any documentation regarding
2unclaimed property that may be needed to support an interested
3person's claim to the property, prior to the destruction of
4the documentation, must check with the State Treasurer as to
5whether the State Treasurer is holding any unclaimed property.
6(Source: P.A. 101-48, eff. 1-1-20.)