Public Act 097-0868
 
SB3204 EnrolledLRB097 15564 AJO 60701 b


  
    AN ACT concerning civil law.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  


 
    Section 5. The Illinois Power of Attorney Act is amended  by 
changing Section 2-4 as follows:
 



    (755 ILCS 45/2-4)  (from Ch. 110 1/2, par. 802-4)



    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

notwithstanding this Act, except that every health care agency 
must
comply with Section 4-5 of this Act.

    (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

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.

    (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.)

 

    Section 99. Effective date. This Act takes effect upon 
becoming law.