State of Illinois
92nd General Assembly
Legislation

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[ Engrossed ][ Enrolled ][ Senate Amendment 001 ]


92_SB0250

 
                                               LRB9205911WHcs

 1        AN ACT concerning trusts.

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

 4        Section 5.  The Trusts and Trustees  Act  is  amended  by
 5    changing Section 11 as follows:

 6        (760 ILCS 5/11) (from Ch. 17, par. 1681)
 7        Sec. 11.  Accounts.
 8        (a)  Every trustee at least annually shall furnish to the
 9    beneficiaries  then  entitled  to  receive  or  receiving the
10    income  from  the  trust  estate,  or  if  none,  then  those
11    beneficiaries eligible to have the benefit of the income from
12    the trust estate a  current  account  showing  the  receipts,
13    disbursements  and  inventory  of the trust estate. A current
14    account shall be binding on the beneficiaries  receiving  the
15    account  and  on such beneficiaries' heirs and assigns unless
16    an  action  against  the  trustee  is   instituted   by   the
17    beneficiary  or such beneficiary's heirs and assigns within 3
18    years from the date the current account is furnished.
19        (b)  Every trustee shall  on  termination  of  the  trust
20    furnish to the beneficiaries then entitled to distribution of
21    the trust estate a final account for the period from the date
22    of  the  last  current  account  to  the date of distribution
23    showing the inventory of  the  trust  estate,  the  receipts,
24    disbursements  and  distributions and shall make available to
25    such beneficiaries copies of prior accounts  not  theretofore
26    furnished.   Such  final  accounting  shall be binding on the
27    beneficiaries receiving the same and all persons claiming  by
28    or  through  them,  unless  an  action against the trustee is
29    instituted by  the  beneficiary  or  person  claiming  by  or
30    through  him  or  her  within 3 years from the date the final
31    account is furnished.
 
                            -2-                LRB9205911WHcs
 1        (c)  With respect to trust estates which  terminated  and
 2    were  distributed  10 years or less prior to January 1, 1988,
 3    the final account furnished to the beneficiaries entitled  to
 4    distribution  of  the  trust  estate  shall be binding on the
 5    beneficiaries receiving the same and all persons claiming  by
 6    or  through  them,  unless  an  action against the trustee is
 7    instituted by  the  beneficiary  or  person  claiming  by  or
 8    through  him  or  her  within 5 years from January 1, 1988 or
 9    within  10  years  from  the  date  the  final  account   was
10    furnished, whichever is longer.
11        (d)  With  respect  to trust estates which terminated and
12    were distributed more than 10 years prior to January 1, 1988,
13    the final account furnished to the beneficiaries entitled  to
14    distribution  of  the  trust  estate  shall be binding on the
15    beneficiaries receiving the same and all persons claiming  by
16    or  through  them,  unless  an  action against the trustee is
17    instituted by  the  beneficiary  or  person  claiming  by  or
18    through him or her within 2 years from January 1, 1988.
19        (e)  If  a  beneficiary  is under a legal disability, the
20    account shall be provided to the representative of the estate
21    of the beneficiary and shall be binding  on  the  beneficiary
22    and  the  beneficiary's  estate  unless an action against the
23    trustee is instituted by the representative  within  3  years
24    from   the   date   the   account   is   furnished.    If  no
25    representative for the estate of a  beneficiary  under  legal
26    disability  has been appointed, the account shall be provided
27    to a spouse, parent, adult child, or guardian of  the  person
28    of  the  beneficiary  and shall be binding on the beneficiary
29    unless an action is instituted against  the  trustee  by  the
30    spouse,  parent,  adult  child,  or guardian of the person to
31    whom the account is furnished within 3 years from the date it
32    is furnished.
33        (f)  If the trustee is guilty of fraudulent  concealment,
34    notwithstanding  subsection  (a),  (b),  (c), (d) or (e), the
 
                            -3-                LRB9205911WHcs
 1    beneficiary may bring the action within the  time  limit  set
 2    forth in Section 13-215 of the Code of Civil Procedure.
 3        (g)  Receipt  of  an  account  by a beneficiary (or other
 4    person,  as  provided)  is  presumed  if  the   trustee   has
 5    procedures   in  place  requiring  the  mailing  or  delivery
 6    (including the mailing or delivery by electronic means or the
 7    provision of access to an account by electronic means) of  an
 8    account to the beneficiary (or other person, as provided).
 9    (Source: P.A. 89-344, eff. 1-1-96; 89-686, eff. 6-1-97.)

10        Section  99.  Effective date.  This Act takes effect upon
11    becoming law.

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