Full Text of SB1877 099th General Assembly
SB1877enr 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Trusts and Trustees Act is amended by adding | 5 | | Section 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 | 9 | | a person other than the beneficiary, the trustee may furnish to | 10 | | the person a certification of trust containing the following | 11 | | information: | 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 must be signed or otherwise | 5 | | authenticated by one or more of the trustees. A third party may | 6 | | require that the certification of trust be acknowledged. | 7 | | (c) A certification of trust must state that the trust has | 8 | | not been revoked, modified, or amended in any manner that would | 9 | | cause the representations contained in the certification of | 10 | | trust to be incorrect. | 11 | | (d) A certification of trust need not contain the | 12 | | dispositive terms of a trust. | 13 | | (e) A recipient of a certification of trust may require the | 14 | | trustee to furnish copies of those excerpts from the original | 15 | | trust instrument and later amendments which designate the | 16 | | trustee and confer upon the trustee the power to act in the | 17 | | pending transaction. | 18 | | (f) A person who acts in reliance upon a certification of | 19 | | trust without knowledge that the representations contained | 20 | | therein are incorrect is not liable to any person for so acting | 21 | | and may assume without inquiry the existence of the facts | 22 | | contained in the certification. Knowledge of the terms of the | 23 | | trust may not be inferred solely from the fact that a copy of | 24 | | all or part of the trust instrument is held by the person | 25 | | relying upon the certification. | 26 | | (g) A person who in good faith enters into a transaction in |
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| 1 | | reliance upon a certification of trust may enforce the | 2 | | transaction against the trust property as if the | 3 | | representations contained in the certification were correct. | 4 | | (h) A person making a demand for the trust instrument in | 5 | | addition to a certification of trust or excerpts is liable for | 6 | | damages if the court determines that the person did not act in | 7 | | good faith in demanding the trust instrument. A person required | 8 | | to examine a complete copy of the trust instrument for purposes | 9 | | of complying with applicable federal, state, or local law, a | 10 | | person acting in a fiduciary capacity with respect to a trust, | 11 | | and the Attorney General's Charitable Trust Bureau are deemed | 12 | | to be acting in good faith when demanding a copy of the trust | 13 | | instrument. This Section does not modify or limit any | 14 | | obligation a trustee may have to furnish a copy of a trust | 15 | | instrument to the Attorney General under the Charitable Trust | 16 | | Act or the Solicitation for Charity Act. | 17 | | (i) This Section does not limit the right of a person to | 18 | | obtain a copy of the trust instrument in a judicial proceeding | 19 | | concerning the trust. | 20 | | (j) A certification of trust may be substantially as | 21 | | follows, provided that nothing in this subsection (j) shall | 22 | | invalidate or bar the use of a certification of trust in any | 23 | | other or different form: | 24 | | CERTIFICATION OF TRUST | 25 | | Name of trust: ...............................................
| 26 | | Date trust instrument was executed: ..........................
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| 1 | | Tax Identification Number of trust (SSN or EIN): .............
| 2 | | Name(s) of settlor(s) of trust: ..............................
| 3 | | Name(s) of currently acting trustee(s): ......................
| 4 | | Address(es) of currently acting trustee(s): ..................
| 5 | | .... This trust states that .... of .... co-trustee(s) are | 6 | | required to exercise the powers of the trustee.
| 7 | | .... The co-trustees authorized to sign or otherwise | 8 | | authenticate on behalf of the trust are: .....................
| 9 | | .... There are no co-trustees authorized to sign or otherwise | 10 | | authenticate on behalf of the trust. | 11 | | Name(s) of successor trustee(s): .............................
| 12 | | The trustee(s) has (have) the power to (state, synopsize, or | 13 | | describe relevant powers): ...................................
| 14 | | Title to the trust property shall be taken as follows (for | 15 | | example, "John Doe and Jane Doe, co-trustees of the Doe Family | 16 | | Living Trust, dated January 4, 1999"): ....................... | 17 | | .............................................................
| 18 | | .... This is an irrevocable trust.
| 19 | | .... This is a revocable trust. Name(s) of person(s) holding | 20 | | power to revoke the trust: ...................................
| 21 | | .... This is an unamendable trust.
| 22 | | .... This trust is amendable. Name(s) of person(s) holding | 23 | | power to amend the trust: .................................... | 24 | | I (we) certify that the above named trust is in full force and | 25 | | has not been revoked, modified, or amended in any manner which |
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| 1 | | would cause the representations in this Certification of Trust | 2 | | to be incorrect. | 3 | | IN WITNESS THEREOF, each of the undersigned, being a trustee of | 4 | | the above-named trust with the authority to execute this | 5 | | Certification of Trust, does hereby execute it this ..... day | 6 | | of .........., ...... . | 7 | | Trustee Signature: ............. | 8 | | Printed Name: .................. | 9 | | Trustee Signature: .............
| 10 | | Printed Name: .................. | 11 | | [OPTIONAL: | 12 | | This instrument was signed and acknowledged before me on | 13 | | .........., ...... (date) by (name/s of
person/s): ......... | 14 | | (Signature of Notary Public): | 15 | | ............................ | 16 | | (SEAL)]
| 17 | | Section 99. Effective date. This Act takes effect upon | 18 | | becoming law.
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