Illinois General Assembly - Bill Status for SB0365
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 Bill Status of SB0365  95th General Assembly


Senate Sponsors
Sen. Randall M. Hultgren

House Sponsors
(Rep. Mark H. Beaubien, Jr.)

Last Action
DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
760 ILCS 15/14from Ch. 30, par. 514

Synopsis As Introduced
Amends the Principal and Income Act. Provides that if, in the judgment of the trustee, the charging of the required part of the compensation due to the trustee, attorney, investment counsel, custodian, or accountant is (i) impractical because of the lack of sufficient income cash or principal cash and readily marketable intangible property or (ii) inadvisable because of the nature of the asset, then the trustee may pay the compensation out of the principal or income as the trustee sees fit. Provides that the decision to pay compensation out of the income or principal is conclusive and neither the income nor the principal is entitled to reimbursement. Makes other changes.

DateChamber Action
  2/7/2007SenateFiled with Secretary by Sen. Randall M. Hultgren
  2/7/2007SenateFirst Reading
  2/7/2007SenateReferred to Rules
  2/21/2007SenateAssigned to Judiciary Civil Law
  3/1/2007SenateHeld in Judiciary Civil Law
  3/8/2007SenateDo Pass Judiciary Civil Law; 010-000-000
  3/8/2007SenatePlaced on Calendar Order of 2nd Reading March 13, 2007
  3/13/2007SenateSecond Reading
  3/13/2007SenatePlaced on Calendar Order of 3rd Reading March 14, 2007
  3/29/2007SenateThird Reading - Passed; 058-000-000
  3/30/2007HouseArrived in House
  3/30/2007HousePlaced on Calendar Order of First Reading
  4/16/2007HouseChief House Sponsor Rep. Mark H. Beaubien, Jr.
  4/17/2007HouseFirst Reading
  4/17/2007HouseReferred to Rules Committee
  4/30/2007HouseAssigned to Executive Committee
  5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007
  5/25/2007HouseFinal Action Deadline Extended-9(b) May 31, 2007
  5/31/2007HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009SenateSession Sine Die

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