State of Illinois
90th General Assembly
Legislation

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90_HB1036

      205 ILCS 620/2-11
      205 ILCS 620/2-12 new
          Amends the Corporate  Fiduciary  Act.   Provides  that  a
      corporate  fiduciary  may  hire  a  broker  as  an additional
      expense of a trust or estate.   Provides  for  the  admission
      into   evidence   of   reproductions  of  certain  documents.
      Effective immediately.
                                                     LRB9004002LDmb
                                               LRB9004002LDmb
 1        AN ACT to amend the Corporate Fiduciary Act  by  changing
 2    Section 2-11 and adding Section 2-12.
 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:
 5        Section 5.  The Corporate Fiduciary  Act  is  amended  by
 6    changing Section 2-11 and adding Section 2-12 as follows:
 7        (205 ILCS 620/2-11)
 8        Sec.   2-11.  Retention   of   agents  and  advisors.   A
 9    corporate fiduciary may hire and compensate, as an additional
10    expense  of  the  trust  or  estate,  agents,  and   advisors
11    (including  financial,  investment,  and other advisors), and
12    brokers (including  brokers  for  the  sale  or  purchase  of
13    securities  or  other  property)  to  assist  or  advise  the
14    corporate   fiduciary  in  the  performance  of  its  duties,
15    including persons and entities associated or affiliated  with
16    the corporate fiduciary.
17    (Source: P.A. 89-205, eff. 1-1-96; 89-364, eff. 8-18-95.)
18        (205 ILCS 620/2-12 new)
19        Sec.  2-12.  Reproductions  of documents. Notwithstanding
20    any  other  provision  of  law,  if  a  corporate   fiduciary
21    possesses,  records,  or  creates  any  document, memorandum,
22    writing, entry, representation, or  combination  thereof,  of
23    any   act,   transaction,  occurrence,  event,  or  agreement
24    (including,  without  limitation,  a   trust   agreement   or
25    amendment  thereto,  but  excluding in all events an original
26    will or  codicil  thereto)  and  in  the  regular  course  of
27    business  has  caused  any or all of the same to be recorded,
28    copied,   or   reproduced   by   photographic,   photostatic,
29    facsimile, microfiche, optical, or electronic imaging, or any
30    other   electronic   or   computer-generated   process   that
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 1    accurately reproduces or forms a medium  for  so  reproducing
 2    the  original,  the  original may be destroyed in the regular
 3    course of business and such recording, copy, or  reproduction
 4    shall  be  admissible  in  evidence in the same manner as the
 5    original in  any  proceeding,  whether  the  original  is  in
 6    existence  or  not.   This  Section shall not be construed to
 7    exclude from evidence any document or copy  thereof  that  is
 8    otherwise admissible under the rules of evidence.
 9        Section  99.  Effective date.  This Act takes effect upon
10    becoming law.

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