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92nd General Assembly

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Public Act 92-0222

SB250 Enrolled                                 LRB9205911WHcs

    AN ACT concerning trusts.

    Be it enacted by the People of  the  State  of  Illinois,
represented in the General Assembly:

    Section  5.  The  Trusts  and  Trustees Act is amended by
changing Section 11 as follows:

    (760 ILCS 5/11) (from Ch. 17, par. 1681)
    Sec. 11.  Accounts.
    (a)  Every trustee at least annually shall furnish to the
beneficiaries then  entitled  to  receive  or  receiving  the
income  from  the  trust  estate,  or  if  none,  then  those
beneficiaries eligible to have the benefit of the income from
the  trust  estate  a  current  account showing the receipts,
disbursements and inventory of the trust  estate.  A  current
account  shall  be binding on the beneficiaries receiving the
account and on such beneficiaries' heirs and  assigns  unless
an   action   against   the  trustee  is  instituted  by  the
beneficiary or such beneficiary's heirs and assigns within  3
years from the date the current account is furnished.
    (b)  Every  trustee  shall  on  termination  of the trust
furnish to the beneficiaries then entitled to distribution of
the trust estate a final account for the period from the date
of the last current  account  to  the  date  of  distribution
showing  the  inventory  of  the  trust estate, the receipts,
disbursements and distributions and shall make  available  to
such  beneficiaries  copies of prior accounts not theretofore
furnished.  Such final accounting shall  be  binding  on  the
beneficiaries  receiving the same and all persons claiming by
or through them, unless an  action  against  the  trustee  is
instituted  by  the  beneficiary  or  person  claiming  by or
through him or her within 3 years from  the  date  the  final
account is furnished.
    (c)  With  respect  to trust estates which terminated and
were distributed 10 years or less prior to January  1,  1988,
the  final account furnished to the beneficiaries entitled to
distribution of the trust estate  shall  be  binding  on  the
beneficiaries  receiving the same and all persons claiming by
or through them, unless an  action  against  the  trustee  is
instituted  by  the  beneficiary  or  person  claiming  by or
through him or her within 5 years from  January  1,  1988  or
within   10  years  from  the  date  the  final  account  was
furnished, whichever is longer.
    (d)  With respect to trust estates which  terminated  and
were distributed more than 10 years prior to January 1, 1988,
the  final account furnished to the beneficiaries entitled to
distribution of the trust estate  shall  be  binding  on  the
beneficiaries  receiving the same and all persons claiming by
or through them, unless an  action  against  the  trustee  is
instituted  by  the  beneficiary  or  person  claiming  by or
through him or her within 2 years from January 1, 1988.
    (e)  If a beneficiary is under a  legal  disability,  the
account shall be provided to the representative of the estate
of  the  beneficiary  and shall be binding on the beneficiary
and the beneficiary's estate unless  an  action  against  the
trustee  is  instituted  by the representative within 3 years
from  the  date   the   account   is   furnished.     If   no
representative  for  the  estate of a beneficiary under legal
disability has been appointed, the account shall be  provided
to  a  spouse, parent, adult child, or guardian of the person
of the beneficiary and shall be binding  on  the  beneficiary
unless  an  action  is  instituted against the trustee by the
spouse, parent, adult child, or guardian  of  the  person  to
whom the account is furnished within 3 years from the date it
is furnished.
    (f)  If  the trustee is guilty of fraudulent concealment,
notwithstanding subsection (a), (b), (c),  (d)  or  (e),  the
beneficiary  may  bring  the action within the time limit set
forth in Section 13-215 of the Code of Civil Procedure.
    (g)  Receipt of an account by  a  beneficiary  (or  other
person,   as   provided)  is  presumed  if  the  trustee  has
procedures in place requiring the mailing or delivery  of  an
account  to  the  beneficiary (or other person, as provided).
This presumption shall apply to the mailing or delivery of an
account by electronic means or the provision of access to  an
account  by  electronic  means so long as the beneficiary has
agreed to receive such electronic delivery or access.
(Source: P.A. 89-344, eff. 1-1-96; 89-686, eff. 6-1-97.)

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.
    Passed in the General Assembly May 09, 2001.
    Approved August 02, 2001.

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