CROSS-MATHIAS. (PETKA) New Act Creates the Land Trust Fiduciary Duties Act. Provides that holders of powers of direction over a trust have a fiduciary duty to and are fully accountable to all the beneficial interests of the trust. Effective immediately. HOUSE AMENDMENT NO. 1. Changes the term "powers of direction" to "the power of direc- tion". Provides that holders of the power of direction have a fidu- ciary duty to the holders of the beneficial interests in land trusts rather than to the beneficial interests of land trusts. Provides that the Act is declaratory of existing law. SENATE AMENDMENT NO. 1. Provides that, in exercising the power of direction, the holders are presumed to act in a fiduciary capacity (now act in a fiduciary capacity) for the benefit of all holders of the beneficial interest in the trust. Provides that the holders are not presumed to act in a fiduciary capacity for the benefit of all holders of the beneficial interest in the trust if so provided in the land trust agreement. 99-02-17 H FILED WITH CLERK 99-02-17 H FIRST READING 99-02-17 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-02-18 H ASSIGNED TO COMMITTEE JUD-CIVIL LAW 99-03-03 H AMENDMENT NO. 01-JUD-CIVIL LAW H 99-03-03 H ADOPTED 99-03-03 H DO PASS AMENDED/SHORT DEBATE 010-000-000 HJUA 99-03-03 H PLACED CALENDAR 2ND READING-SHORT DEBATE 99-03-16 H SECOND READING-SHORT DEBATE 99-03-16 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-17 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 99-03-19 H THIRD READING/SHORT DEBATE/PASSED 118-000-000 99-03-22 S ARRIVE IN SENATE 99-03-22 S PLACED CALENDAR ORDER OF FIRST READING 99-03-23 99-03-24 S CHIEF SPONSOR CRONIN 99-03-24 S SPONSOR REMOVED CRONIN 99-03-24 S ALTERNATE CHIEF SPONSOR CHANGED TO PETKA 99-03-25 S FIRST READING 99-03-25 S REFERRED TO SENATE RULES COMMITTEE RULES 99-04-22 S ASSIGNED TO COMMITTEE JUDICIARY 99-05-05 S AMENDMENT NO. 01-JUDICIARY S 99-05-05 S ADOPTED 99-05-05 S DO PASS AS AMENDED 010-000-000 SJUD 99-05-05 S PLACED ON CALENDAR ORDER OF 2ND READING 99-05-06 99-05-11 S SECOND READING 99-05-11 S PLACED ON CALENDAR ORDER OF 3RD READING 99-05-12 99-05-12 S THIRD READING - PASSED 055-000-000 99-05-12 H ARRIVE IN HOUSE 99-05-12 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01 99-05-14 H MOTION FILED CONCUR 01/CROSS 99-05-14 H MOTION REFERRED TO HRUL 99-05-14 H CALENDAR ORDER OF CONCURRENCE 01 99-05-17 H BE APPROVED FOR CONSIDERATION 01/HRUL 99-05-17 H HSE CONCURS IN SEN AMENDMENTS (NO.) 01/115-000-000 99-05-17 H PASSED BOTH HOUSES 99-05-17 H ADDED AS A JOINT SPONSOR MATHIAS 99-06-15 H SENT TO THE GOVERNOR 99-08-06 H GOVERNOR APPROVED 99-08-06 H EFFECTIVE DATE 99-08-06 99-08-06 H PUBLIC ACT.............................. 91-0433 END OF INQUIRY Full Text Bill Summary