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SB 531 Illinois Senate · 95th Regular Session

TRUSTS-SMALL TRUST TERMINATE

Summary
Amends the Trusts and Trustees Act. Permits a trustee to terminate a trust if it has a market value of less than $100,000 and the costs of continuing the trust will substantially impair the purpose of the trust. Outlines how distribution shall be made. Provides that a trustee who is an income beneficiary may not participate as a trustee in the exercise of termination power. Provides that the trustee shall give notice to the persons entitled to distribution at least 30 days prior to the effective date of the termination of the trust. Provides that the provisions of the Section concerning small trust termination shall not apply to trusts for domestic or pet animals.
Bill status signed all 5 stages cleared
Introduction
Mar 2007
Committee Review
Jun 2007
Senate Passage
Jun 2007
House Passage
May 2007
Signed into Law
Sep 2007
Introduced Mar 30, 2007 Signed Sep 11, 2007
Floor votes · Senate Jun 14, 2007 · House May 31, 2007

How they voted

46–0
Passed · 7 other
Total votes 53
Jun 14, 2007
D Democratic33
29 Yea 4
87% Yea
R Republican20
17 Yea 3
85% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
37
Key actions
9
Committee
11
Amendments
4
Sep 11, 2007
Signed into law
Governor Approved
upper
Jun 14, 2007
Upper · Passed
Passed Both Houses
upper
Jun 14, 2007
Upper · Passed
House Committee Amendment No. 1 Senate Concurs 052-000-000
upper
Jun 7, 2007
Upper · Passed
House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary Civil Law; 007-000-000
upper
Jun 6, 2007
Committee
House Committee Amendment No. 1 Motion to Concur Rules Referred to Judiciary Civil Law
upper
Jun 5, 2007
Committee
House Committee Amendment No. 1 Motion to Concur Referred to Rules
upper
May 31, 2007
Introduced
Placed on Calendar Order of Concurrence House Amendment(s) 01 - June 1, 2007
upper
May 31, 2007
Introduced
Secretary's Desk - Concurrence House Amendment(s) 01
upper
May 31, 2007
House · Passed
House Vote: pass (105-0-2)
house
May 30, 2007
Lower · Passed
Do Pass as Amended / Short Debate Executive Committee; 013-000-000
lower
May 30, 2007
Lower · Passed
House Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote
lower
May 30, 2007
Introduced
House Committee Amendment No. 1 Filed with Clerk by Executive Committee
lower
May 18, 2007
Lower · Passed
Committee Deadline Extended-Rule 9(b) May 25, 2007
lower
Apr 30, 2007
Committee
Assigned to Executive Committee
lower
Apr 16, 2007
Committee
Referred to Rules Committee
lower
Mar 30, 2007
Introduced
Arrived in House
lower
Mar 1, 2007
Upper · Passed
Do Pass Judiciary Civil Law; 010-000-000
upper
Feb 21, 2007
Committee
Assigned to Judiciary Civil Law
upper
Feb 8, 2007
Committee
Referred to Rules
upper
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.