99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB1877

 

Introduced 2/20/2015, by Sen. Ira I. Silverstein

 

SYNOPSIS AS INTRODUCED:
 
760 ILCS 5/8.5 new

    Amends the Trusts and Trustees Act. Provides that instead of furnishing a copy of the trust instrument to a person other than the beneficiary, the trustee may furnish to the person a certification of trust containing specified information. Provides that a certification of trust may be signed or otherwise authenticated by any trustee and need not contain the dispositive terms of the trust. Includes other provisions governing the form and content of the certification of trust. Contains provisions concerning persons who act in reliance upon a certification of trust. Provides that the new provisions do not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust. Effective immediately.


LRB099 10969 HEP 31324 b

 

 

A BILL FOR

 

SB1877LRB099 10969 HEP 31324 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Trusts and Trustees Act is amended by adding
5Section 8.5 as follows:
 
6    (760 ILCS 5/8.5 new)
7    Sec. 8.5. Certification of trust.
8    (a) Instead of furnishing a copy of the trust instrument to
9a person other than the beneficiary, the trustee may furnish to
10the person a certification of trust containing the following
11information:
12        (1) a statement that the trust exists and the date the
13    trust instrument was executed;
14        (2) the identity of the settlor;
15        (3) the identity and address of the currently acting
16    trustee;
17        (4) the powers of the trustee;
18        (5) the revocability or irrevocability of the trust,
19    whether the trust is amendable or unamendable, and the
20    identity of any person holding a power to revoke or amend
21    the trust;
22        (6) the authority of co-trustees to sign or otherwise
23    authenticate and whether all or less than all are required

 

 

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1    in order to exercise powers of the trustee;
2        (7) the trust's taxpayer identification number; and
3        (8) the manner of taking title to trust property.
4    (b) A certification of trust may be signed or otherwise
5authenticated by any trustee.
6    (c) A certification of trust must state that the trust has
7not been revoked, modified, or amended in any manner that would
8cause the representations contained in the certification of
9trust to be incorrect.
10    (d) A certification of trust need not contain the
11dispositive terms of a trust.
12    (e) A recipient of a certification of trust may require the
13trustee to furnish copies of those excerpts from the original
14trust instrument and later amendments which designate the
15trustee and confer upon the trustee the power to act in the
16pending transaction.
17    (f) A person who acts in reliance upon a certification of
18trust without knowledge that the representations contained
19therein are incorrect is not liable to any person for so acting
20and may assume without inquiry the existence of the facts
21contained in the certification. Knowledge of the terms of the
22trust may not be inferred solely from the fact that a copy of
23all or part of the trust instrument is held by the person
24relying upon the certification.
25    (g) A person who in good faith enters into a transaction in
26reliance upon a certification of trust may enforce the

 

 

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1transaction against the trust property as if the
2representations contained in the certification were correct.
3    (h) A person making a demand for the trust instrument in
4addition to a certification of trust or excerpts is liable for
5damages if the court determines that the person did not act in
6good faith in demanding the trust instrument. A person required
7to examine a complete copy of the trust instrument for purposes
8of complying with applicable federal, state, or local law, and
9a person acting in a fiduciary capacity with respect to a
10trust, are deemed to be acting in good faith when demanding a
11copy of the trust instrument.
12    (i) This Section does not limit the right of a person to
13obtain a copy of the trust instrument in a judicial proceeding
14concerning the trust.
15    (j) A certification of trust may be substantially as
16follows, provided that nothing in this subsection (j) shall
17invalidate or bar the use of a certification of trust in any
18other or different form:
19
CERTIFICATION OF TRUST
20Name of trust:...............................................
21Date trust instrument was executed:..........................
22Tax Identification Number of trust (SSN or EIN):.............
23Name(s) of settlor(s) of trust:..............................
24Name(s) of currently acting trustee(s):......................
25Address(es) of currently acting trustee(s):..................
26.... This trust states that .... of .... co-trustee(s) are

 

 

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1required to exercise the powers of the trustee.
2.... The co-trustees authorized to sign or otherwise
3authenticate on behalf of the trust are:.....................
4.... There are no co-trustees authorized to sign or otherwise
5authenticate on behalf of the trust.
6Name(s) of successor trustee(s):.............................
7The trustee(s) has (have) the power to (state, synopsize, or
8describe relevant powers):...................................
9The proper manner for taking title to trust property is:.....
10.............................................................
11.... This is an irrevocable trust.
12.... This is a revocable trust. Name(s) of person(s) holding
13power to revoke the trust:...................................
14.... This is an unamendable trust.
15.... This trust is amendable. Name(s) of person(s) holding
16power to amend the trust:....................................
 
17I (we) certify that the above named trust is in full force and
18has not been revoked, modified, or amended in any manner which
19would cause the representations in this Certification of Trust
20to be incorrect.
 
21I (we) certify that, to my (our) knowledge, there is no claim,
22challenge of any kind, or cause of action alleged that contests
23or questions the validity of the above-named trust or the
24trustee(s)'s authority to act for the trust.
 

 

 

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1IN WITNESS THEREOF, the undersigned, being a trustee of the
2above-named trust with the authority to execute this
3Certification of Trust, do hereby execute it this ..... day of
4.........., .......
 
5Trustee Signature: .............
6Printed Name: ..................
 
7Trustee Signature: .............
8Printed Name: ..................
 
9This instrument was signed and acknowledged before me on
10.........., ...... (date) by (name/s of person/s):.........
 
11(Signature of Notary Public):
12............................
13(SEAL)
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.