Sen. John J. Cullerton
Filed: 5/11/2004
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1 | AMENDMENT TO HOUSE BILL 1080
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2 | AMENDMENT NO. ______. Amend House Bill 1080 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Uniform TOD Security Registration Act is | ||||||
5 | amended by changing Section 1 as follows:
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6 | (815 ILCS 10/1)
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7 | Sec. 1. Definitions. In this Act, unless the
context | ||||||
8 | otherwise requires:
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9 | (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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13 | (2) "Devisee" means any person designated in a
will to | ||||||
14 | receive a disposition of real or personal
property.
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15 | (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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18 | (4) "Person" means an individual, a corporation,
an | ||||||
19 | organization, or other legal entity.
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20 | (5) "Personal representative" includes executor,
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21 | 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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24 | (6) "Property" includes both real and personal
property or |
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1 | any interest therein and means anything that
may be the subject | ||||||
2 | of ownership.
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3 | (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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7 | (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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12 | (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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16 | (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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31 | before the owner's death.
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32 | (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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1 | the United States.
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2 | (Source: P.A. 88-577, eff. 1-1-95.)
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3 | Section 99. Effective date. This Act takes effect upon | ||||||
4 | becoming law.".
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