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| Public Act 097-0868 | ||||
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Power of Attorney Act is amended by | ||||
changing Section 2-4 as follows:
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(755 ILCS 45/2-4) (from Ch. 110 1/2, par. 802-4)
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Sec. 2-4. Applicability. (a) The principal may specify in | ||||
the agency
the event or time when the agency will begin and | ||||
terminate, the mode of
revocation or amendment and the rights, | ||||
powers, duties, limitations,
immunities and other terms | ||||
applicable to the agent and to all persons
dealing with the | ||||
agent, and the provisions of the agency will control
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notwithstanding this Act, except that every health care agency | ||||
must
comply with Section 4-5 of this Act.
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(b) From and after the effective date of this Act: (1) this | ||||
Act governs
every agency, whenever and wherever executed, and | ||||
all acts of the agent to
the extent the provisions of this Act | ||||
are not inconsistent with the agency;
and (2) this Act applies | ||||
to all agencies exercised in Illinois and to all
other agencies | ||||
if the principal is a resident of Illinois at the time the
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agency is signed or at the time of exercise or if the agency | ||||
indicates that
Illinois law is to apply. Providing forms of | ||||
statutory property and
health care powers in Articles III and | ||||
IV does not limit the applicability
of this Act, it being | ||
intended that every agency, including, without
limitation, the | ||
statutory property and health care power agencies, shall
have | ||
the benefit of and be governed by Article II, by Sections 4-1 | ||
through
4-9 and Section 4-11 of Article IV, and by all other | ||
general provisions of
this Act, except to the extent the terms | ||
of the agency are inconsistent with this Act.
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(c) Notwithstanding the provisions of subsections (a) and | ||
(b), this Act shall not apply to an agreement or contract | ||
described in any of items (1) through (8) of this subsection | ||
under which a financial institution, defined as a (i) bank, | ||
trust company, savings bank, savings and loan, or credit union | ||
holding a federal charter or a charter from any of the states | ||
that is subject to regulation by the Illinois Secretary of | ||
Financial and Professional Regulation or (ii) broker-dealer | ||
registered with the United States Securities and Exchange | ||
Commission, is named as an agent for any person, provided that | ||
the agreement or contract does not include in its terms a | ||
durable power of attorney that survives the incapacity of the | ||
principal: | ||
(1) a proxy or other delegation to exercise voting | ||
rights or management rights with respect to a corporation, | ||
partnership (general or limited), limited liability | ||
company, condominium, commercial entity, or association; | ||
(2) an agreement or contract given to a financial | ||
institution to facilitate a specific transfer or | ||
disposition of one or more identified stocks, bonds, or | ||
assets, whether real or personal, tangible or intangible; | ||
(3) an agreement or directive authorizing a financial | ||
institution to prepare, execute, deliver, submit, or file a | ||
document or instrument with a government or governmental | ||
subdivision, agency, or instrumentality, or other third | ||
party; | ||
(4) an agreement or contract authorizing a financial | ||
institution or an officer of a financial institution to | ||
take a specific action or actions in relation to an account | ||
in which the financial institution (i) holds cash, | ||
securities, commodities, or other financial assets on | ||
behalf of the principal or (ii) acts as an investment | ||
manager with a third party serving as the custodian of such | ||
cash, securities, commodities, or other financial assets | ||
on behalf of the principal; | ||
(5) an agreement or contract authorizing a financial | ||
institution to take specific actions with respect to | ||
collateral in connection with a loan or other secured | ||
credit transaction other than a mortgage; | ||
(6) an agreement or contract given to a financial | ||
institution by an individual who is, or is seeking to | ||
become, a director, officer, stockholder, employee, | ||
partner (general or limited), member, unit owner, equity | ||
owner, trustee, manager, or agent of a corporation, a | ||
partnership (general or limited), a limited liability | ||
company, a condominium, a legal or commercial entity, or an | ||
association, in that individual's capacity as such, | ||
including an agreement or directive contained in a | ||
subscription agreement; | ||
(7) an authorization contained in a certificate of | ||
incorporation, bylaws, general or limited partnership | ||
agreement, limited liability company agreement, | ||
declaration of trust, declaration of condominium, | ||
condominium offering plan, or other agreement or | ||
instrument governing the internal affairs of an entity or | ||
association authorizing a director, officer, shareholder, | ||
employee, partner (general or limited), member, unit | ||
owner, equity owner, trustee, manager, or other person to | ||
take lawful actions relating to such entity or association; | ||
or | ||
(8) an agreement authorizing the acceptance of the | ||
service of process on behalf of the person executing the | ||
agreement. | ||
(d) An agreement or contract described in subsection (c) is | ||
not a "nonstatutory property power" subject to subsection (b) | ||
of Section 3-3. This subsection (d) is declarative of existing | ||
law and is applicable to all agreements or contracts whenever | ||
executed. | ||
(Source: P.A. 86-736.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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