Illinois General Assembly - Bill Status for SB1777

Amends the Illinois Banking Act. In provisions concerning customer financial records and confidentiality, provides that the language does not prohibit the furnishing of financial information to the executor, executrix, administrator, or other lawful representative of the estate of a customer. Amends the Savings Bank Act and the Illinois Credit Union Act to make the same changes. Amends the Illinois Credit Union Act. Amends the Illinois Trust and Payable on Death Accounts Act. Provides that any holder of an account may elect a per stirpes distribution option to the descendants of a natural person beneficiary if the beneficiary predeceases the last surviving holder of the account. Makes other changes. Amends the Financial Institutions Electronic Documents and Digital Signature Act. In provisions concerning electronic notices, provides that consent to electronic transactions given by the customer under the federal Electronic Signatures in Global and National Commerce Act satisfies applicable consent requirements. Amends the Probate Act of 1975. Provides that any person doing business or performing transactions on behalf of or at the direction of an executor or administrator with a will annexed is entitled to the presumption that the executor or administrator is lawfully authorized to conduct the business or perform the transaction as long as the person verifies that the letters testamentary or administration was issued by the court solely to the executor or administrator. Provides that if the letters testamentary or administration with the will annexed provide for co-executors or co-administrators, the person is entitled to the presumption only when the business or transaction is performed on behalf or at the direction of all listed executors or administrators in the letters. Provides that any person, corporation, or financial institution that conducts business or performs transactions on behalf of or at the direction of an executor or administrator with the will annexed is fully protected and released from liability if the person bases the presumption on the verification of the letters testamentary or administration with the will annexed.

Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Amends the Probate Act of 1975. Provides that any person doing business or performing transactions on behalf of or at the direction of an executor, administrator, or administrator with the will annexed may rely on the powers of an independent representative in the Probate Act of 1975 and protection of persons dealing with an independent representative in the Act. Provides that the person shall confirm by examination of the letters testamentary, letters of administration, letters of administration with the will annexed, or a document purporting to be the letters of office that the letters were issued by the court solely to the executor or administrator. If the letters of office or a document purporting to be the letters of office provide for co- executors or co-administrators, and the person is unable to identify one or more of the co-executors or co-administrators, cannot determine the lawful existence of any co-executor or co-administrator, or if conflicting claims or directions are made by the co-executors or co-administrators, then the person may refuse to perform any transaction until the person receives a determination of the appropriate course of action by a court of appropriate jurisdiction. Provides that any person, corporation, or financial institution that conducts business or performs transactions on behalf of or at the direction of an executor, administrator, or administrator with the will annexed is fully protected and released from liability if the person bases the presumption on the confirmation by examination of the letters testamentary, letters of administration, letters of administration with the will annexed, or a document purporting to be the letters of office as provided in the Act; or if the person, corporation, or financial institution conducts business or performs transactions as directed by a court of appropriate jurisdiction as provided in the Act.

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