Illinois General Assembly - Full Text of HB5143
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Full Text of HB5143  103rd General Assembly


Rep. Marcus C. Evans, Jr.

Filed: 3/27/2024





10300HB5143ham002LRB103 37054 JRC 71163 a


2    AMENDMENT NO. ______. Amend House Bill 5143 as follows:
3on page 6, immediately below line 1, by inserting the
5    "Section 7. The Illinois Trust Code is amended by changing
6Sections 809 and 810 as follows:
7    (760 ILCS 3/809)
8    Sec. 809. Control and protection of trust property. A
9trustee shall take reasonable steps to take control of and
10protect the trust property, including searching for and
11claiming any unclaimed or presumptively abandoned property. If
12a corporation is acting as co-trustee with one or more
13individuals, the corporate trustee shall have custody of the
14trust estate unless all the trustees otherwise agree.
15(Source: P.A. 101-48, eff. 1-1-20.)



10300HB5143ham002- 2 -LRB103 37054 JRC 71163 a

1    (760 ILCS 3/810)
2    Sec. 810. Recordkeeping and identification of trust
4    (a) A trustee shall keep adequate records of the
5administration of the trust.
6    (b) A trustee shall keep trust property separate from the
7trustee's own property.
8    (c) Except as otherwise provided in subsection (d), a
9trustee not subject to federal or state banking regulation
10shall cause the trust property to be designated so that the
11interest of the trust, to the extent feasible, appears in
12records maintained by a party other than a trustee or
13beneficiary to whom the trustee has delivered the property.
14    (d) If the trustee maintains records clearly indicating
15the respective interests, a trustee may invest as a whole the
16property of 2 or more separate trusts.
17    (e) A trustee shall maintain or cause to be maintained
18trust records for a minimum of 7 years after the dissolution of
19the trust.
20    (f) Prior to the destruction of trust records, a trustee
21shall conduct a reasonable search for any trust property that
22is presumptively abandoned or that has been reported and
23remitted to a state unclaimed property administrator.
24(Source: P.A. 101-48, eff. 1-1-20.)"; and



10300HB5143ham002- 3 -LRB103 37054 JRC 71163 a

1on page 9, line 1 by changing "bankruptcy or of" to "of
2bankruptcy or".