SB 77 Illinois Senate · 93rd Regular Session

TRUSTS & TRUSTEES-DISTRIBUTION

Summary

Amends the Trusts and Trustees Act. Sets out notice requirements for converting a trust to a total return trust. Changes the amount of time that a trustee has to respond to a request for conversion from six months to 60 days. Lists items that the trustee or court may consider when deciding on a request to convert, reconvert, or determine a distribution percentage. Authorizes a court to order a trustee to pay an appropriate amount from the trustee's own funds to a trust or the beneficiaries if the court finds that the trustee did not act reasonably and in good faith. Amends the Principal and Income Act to provide for a trustee's power to adjust between principal and income.

Bill status failed 1 of 4 stages cleared

Introduction

Jan 2003

Committee Review

Floor Vote

Governor

Introduced Jan 22, 2003 Last action Jan 11, 2005

Floor votes

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No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 11, 2005

Senate · Failed

Session Sine Die

Jul 1, 2003

Senate · Referred to committee

Pursuant to Senate Rule 3-9(b) / Referred to Rules

Mar 13, 2003

Senate · Reported by committee

Do Pass as Amended Judiciary; 010-000-000

Mar 11, 2003

Senate · Amendment adopted

Senate Committee Amendment No. 1 Adopted

Mar 11, 2003

Senate · Reported by committee

Senate Committee Amendment No. 1 Rules Refers to Judiciary

Mar 10, 2003

Senate · Referred to committee

Senate Committee Amendment No. 1 Referred to Rules

Mar 10, 2003

Senate · Amendment offered

Senate Committee Amendment No. 1 Filed with Secretary by Sen. John J. Cullerton

Feb 19, 2003

Senate · Referred to committee

Assigned to Judiciary

Jan 22, 2003

Senate · Referred to committee

Referred to Rules

0 primary · 1 co-sponsor