Bill Status of SB 1494   94th General Assembly

Short Description:  TRUSTEES ACT-SMALL TRUST

Senate Sponsors
Sen. Kirk W. Dillard

House Sponsors
(Rep. Randall M. Hultgren)


Last Action  View All Actions

DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
760 ILCS 5/4from Ch. 17, par. 1654
760 ILCS 5/4.26 new

Synopsis As Introduced
Amends the Trusts and Trustees Act. Permits a trustee to terminate a trust if it has a market value of less than $100,000 and the costs of continuing the trust will substantially impair the purpose of the trust. Outlines how distribution shall be made. Provides that a trustee who is an income beneficiary may not participate as a trustee in the exercise of termination power. Provides that the trustee shall give notice to the persons entitled to distribution at least 30 days prior to the effective date of the termination of the trust. Provides that the provisions of the Section concerning small trust termination shall not apply to trusts for domestic or pet animals. Effective immediately.

Actions 
DateChamber Action
  2/23/2005SenateFiled with Secretary by Sen. Kirk W. Dillard
  2/23/2005SenateFirst Reading
  2/23/2005SenateReferred to Rules
  3/2/2005SenateAssigned to Judiciary
  3/9/2005SenateDo Pass Judiciary; 010-000-000
  3/9/2005SenatePlaced on Calendar Order of 2nd Reading March 10, 2005
  4/13/2005SenateSecond Reading
  4/13/2005SenatePlaced on Calendar Order of 3rd Reading April 14, 2005
  4/15/2005SenateThird Reading - Passed; 057-000-000
  4/15/2005HouseArrived in House
  4/15/2005HousePlaced on Calendar Order of First Reading
  4/27/2005HouseChief House Sponsor Rep. Randall M. Hultgren
  4/27/2005HouseFirst Reading
  4/27/2005HouseReferred to Rules Committee
  4/27/2005HouseAssigned to Executive Committee
  5/13/2005HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007SenateSession Sine Die

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