Illinois General Assembly - Bill Status for HB4594
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 Bill Status of HB4594  103rd General Assembly


Short Description:  TRUST CD-VIRTUOUS TRUSTS

House Sponsors
Rep. Kam Buckner

Last Action
DateChamber Action
  4/10/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate

Statutes Amended In Order of Appearance
760 ILCS 3/103
760 ILCS 3/110
760 ILCS 3/402
760 ILCS 3/407
760 ILCS 3/409.5 new


Synopsis As Introduced
Amends the Illinois Trust Code. Allows a virtuous trust to be created for a business or other noncharitable purpose without a definite or definitely ascertainable beneficiary. Requires a virtuous trust to be created by a written instrument. Allows a virtuous trust to hold an ownership interest of any corporation, partnership, limited partnership, cooperative, limited liability company, limited liability partnership, or joint venture. Provides that a trustee of a virtuous trust or a virtuous trust shall not be deemed to violate the trustee's duties by virtue of the trustee investing and managing the trust's assets pursuant to the terms and the purposes of the trust. Exempts a virtuous trust from the common law rule against perpetuities. Allows a virtuous trust to be enforced by one or more trust enforcers appointed in the trust instruction, and allows a virtuous trust instrument to provide for appointing successor trust enforcers. Requires a virtuous trust to have a trust purpose committee with at least 3 persons as members. Includes provisions related to the trust purpose committee, including appointment procedures, voting procedures, powers of the committee, resignation procedures, and reporting requirements. Provides that property of a virtuous trust may be applied only to its intended use. Allows the trust purpose committee and the trust enforcers to modify or terminate a virtuous trust by unanimous agreement. Prohibits a person serving as a trustee from servicing as a trust enforcer or as a member of the trust purpose committee. Makes conforming changes.

Actions 
DateChamber Action
  1/26/2024HouseFiled with the Clerk by Rep. Kam Buckner
  1/31/2024HouseFirst Reading
  1/31/2024HouseReferred to Rules Committee
  3/5/2024HouseAssigned to Judiciary - Civil Committee
  3/13/2024HouseDo Pass / Short Debate Judiciary - Civil Committee; 014-000-000
  3/13/2024HousePlaced on Calendar 2nd Reading - Short Debate
  4/10/2024HouseSecond Reading - Short Debate
  4/10/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate

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