Full Text of HB1080 93rd General Assembly
HB1080sam002 93RD GENERAL ASSEMBLY
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Sen. John J. Cullerton
Filed: 5/11/2004
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LRB093 05447 RXD 50739 a |
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| AMENDMENT TO HOUSE BILL 1080
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| AMENDMENT NO. ______. Amend House Bill 1080 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Uniform TOD Security Registration Act is | 5 |
| amended by changing Section 1 as follows:
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| (815 ILCS 10/1)
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| Sec. 1. Definitions. In this Act, unless the
context | 8 |
| otherwise requires:
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| (1) "Beneficiary form" means a registration of a
security | 10 |
| which indicates the present owner of the
security and the | 11 |
| intention of the owner regarding the
person who will become the | 12 |
| owner of the security upon
the death of the owner.
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| (2) "Devisee" means any person designated in a
will to | 14 |
| receive a disposition of real or personal
property.
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| (3) "Heirs" means those persons, including the
surviving | 16 |
| spouse, who are entitled under the statutes of
intestate | 17 |
| succession to the property of a decedent.
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| (4) "Person" means an individual, a corporation,
an | 19 |
| organization, or other legal entity.
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| (5) "Personal representative" includes executor,
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| administrator, successor personal representative,
special | 22 |
| administrator, and persons who perform
substantially the same | 23 |
| function under the law governing
their status.
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| (6) "Property" includes both real and personal
property or |
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| any interest therein and means anything that
may be the subject | 2 |
| of ownership.
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| (7) "Register", including its derivatives, means
to issue a | 4 |
| certificate showing the ownership of a
certificated security | 5 |
| or, in the case of an
uncertificated security, to initiate or | 6 |
| transfer an
account showing ownership of securities.
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| (8) "Registering entity" means a person who
originates or | 8 |
| transfers a security title by
registration, and includes a | 9 |
| broker maintaining security
accounts for customers and a | 10 |
| transfer agent or other
person acting for or as an issuer of | 11 |
| securities.
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| (9) "Security" means a share, participation, or
other | 13 |
| interest in property, in a business, or in an
obligation of an | 14 |
| enterprise or other issuer, and
includes a certificated | 15 |
| security, an uncertificated
security, and a security account.
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| (10) "Security account" means (i) a reinvestment
account | 17 |
| associated with a security, a securities account
with a broker, | 18 |
| a cash balance in a brokerage account,
cash, interest, | 19 |
| earnings, or dividends earned or
declared on a security in an | 20 |
| account, a reinvestment
account, or a brokerage account, | 21 |
| whether or not credited
to the account before the owner's | 22 |
| death, or (ii) an investment management or custody account with | 23 |
| a trust company or trust division of a bank with trust powers, | 24 |
| including the securities in the account, a cash balance in the | 25 |
| account, and cash, equivalents, interest, earnings, or | 26 |
| dividends earned or declared on a security in the account, | 27 |
| whether or not credited to the account before the owner's | 28 |
| death, or (iii) a cash
balance or other property held for or | 29 |
| due to the owner
of a security as a replacement for or product | 30 |
| of an
account security, whether or not credited to the account
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| before the owner's death.
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| (11) "State" includes any state of the United
States, the | 33 |
| District of Columbia, the Commonwealth of
Puerto Rico, and any | 34 |
| territory or possession subject to
the legislative authority of |
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| the United States.
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| (Source: P.A. 88-577, eff. 1-1-95.)
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| Section 99. Effective date. This Act takes effect upon | 4 |
| becoming law.".
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