State of Illinois
91st General Assembly
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91_SB0116

 
                                               LRB9100080DJcd

 1        AN ACT to amend the Illinois Uniform Transfers to  Minors
 2    Act by changing  Sections 2 and 15.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Illinois Uniform Transfers to Minors  Act
 6    is amended by changing  Sections 2 and 15 as follows:

 7        (760 ILCS 20/2) (from Ch. 110 1/2, par. 252)
 8        Sec. 2.  Definitions.  In this Act:
 9        (1)  "Adult" means an individual who has attained the age
10    of 21 years.
11        (2)  "Benefit  plan"  means any pension plan, retirement,
12    death benefit,  deferred  compensation,  employment,  agency,
13    stock bonus, option or profit sharing contract, plan, system,
14    account,  trust  or  individual retirement account. A benefit
15    plan "obligor" means the party designated under the  plan  to
16    make distributions, otherwise the paying entity.
17        (3)  "Beneficial  interest  in  a  land  trust" and "land
18    trust" mean the  same  as  "beneficial  interest"  and  "land
19    trust"  as  defined  in  "An Act to require disclosure, under
20    certification of perjury, of all beneficial interests in real
21    property held in a land trust, in  certain  cases",  approved
22    September 21, 1973, as now or hereafter amended.
23        (4)  "Broker"  means  a  person  lawfully  engaged in the
24    business  of  effecting   transactions   in   securities   or
25    commodities  for  the person's own account or for the account
26    of another.
27        (5)  "Court" means an Illinois circuit court.
28        (6)  "Custodial  property"  means  (i)  any  interest  in
29    property transferred to a custodian under this Act  and  (ii)
30    the income from and proceeds of that interest in property.
31        (7)  "Custodian"  means a person designated under Section
 
                            -2-                LRB9100080DJcd
 1    10 or a successor or substitute  custodian  designated  under
 2    Section 19.
 3        (8)  "Financial Institution" means a bank, trust company,
 4    savings   institution,   or   credit   union,  chartered  and
 5    supervised under state or federal law.
 6        (9)  "Governing instrument" means any judicial  order  or
 7    non-judicial document creating or describing property rights.
 8        (10)  "Guardian" means a person appointed or qualified by
 9    a court to act as general, limited or temporary guardian of a
10    minor's  property  or  a person legally authorized to perform
11    substantially the same functions.
12        (11)  "Member of the minor's family"  means  the  minor's
13    parent,  stepparent,  spouse,  grandparent,  brother, sister,
14    uncle, or aunt, whether of the whole  or  half  blood  or  by
15    adoption.
16        (12)  "Minor"  means  an  individual who has not attained
17    the age of 21 years.
18        (13)  "Person"   means   an   individual,    corporation,
19    organization, or other entity.
20        (13.5)   "Qualified   minor's   trust"  means  any  trust
21    (including a trust created by the  custodian)  (i)  of  which
22    the minor is the sole beneficiary and (ii) that satisfies the
23    requirements  of Section 2503(c) of the Internal Revenue Code
24    and the regulations  implementing that Section.
25        (14)  "Representative" means an executor,  administrator,
26    general,    temporary    or   limited   guardian,   successor
27    representative, an obligor under  a  benefit  plan  or  other
28    governing  instrument  or  a  person  legally  authorized  to
29    perform substantially the same functions.
30        (15)  "State"  includes  any  state of the United States,
31    the District of Columbia, the Commonwealth  of  Puerto  Rico,
32    and  any  territory  or possession subject to the legislative
33    authority of the United States.
34        (16)  "Transfer"  means  a   transaction   that   creates
 
                            -3-                LRB9100080DJcd
 1    custodial property under Section 10.
 2        (17)  "Transferor"  means  a  person who makes a transfer
 3    under this Act.
 4        (18)  "Trust  company"  means  a  financial  institution,
 5    corporation, or other entity, authorized to exercise  general
 6    trust powers.
 7    (Source: P.A. 84-1129.)

 8        (760 ILCS 20/15) (from Ch. 110 1/2, par. 265)
 9        Sec. 15.  Use of Custodial Property.  (a) A custodian may
10    deliver or pay to the minor or expend for the minor's benefit
11    so  much of the custodial property as the custodian considers
12    advisable for the use and benefit of the minor, without court
13    order and without regard to (i) the duty or  ability  of  the
14    custodian  personally  or  of any other person to support the
15    minor, or (ii) any other income  or  property  of  the  minor
16    which may be applicable or available for that purpose.
17        (a-5)  At  any time, a custodian may transfer part or all
18    of the  custodial  property  to  a  qualified  minor's  trust
19    without  a  court  order.   Such  a  transfer  terminates the
20    custodianship to the extent of the transfer.
21        (b)  On petition of an interested person or the minor  if
22    the  minor  has  attained  the age of 14 years, the court may
23    order the custodian to deliver or pay to the minor or  expend
24    for  the minor's benefit so much of the custodial property as
25    the court considers advisable for the use and benefit of  the
26    minor.
27        (c)  A  delivery,  payment,  or  expenditure  under  this
28    Section  is in addition to, not in substitution for, and does
29    not affect any obligation of a person to support the minor.
30    (Source: P.A. 84-915.)

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