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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2842 Introduced 2/17/2016, by Sen. Ira I. Silverstein SYNOPSIS AS INTRODUCED:
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Amends the Trusts and Trustees Act. Provides that the transfer of property to a trust requires a transfer of legal title to the trustee evidenced by a written instrument of conveyance and acceptance by the trustee. Provides that for any interest in real property to become trust property in a trust of which any transferor is a trustee, the instrument of conveyance shall additionally be recorded in the appropriate real property records.
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| | A BILL FOR |
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| | SB2842 | | LRB099 18996 HEP 45031 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Trusts and Trustees Act is amended by adding |
| 5 | | Section 6.5 as follows:
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| 6 | | (760 ILCS 5/6.5 new) |
| 7 | | Sec. 6.5. Transfer of property to trust. |
| 8 | | (a) The transfer of property to a trust requires a transfer |
| 9 | | of legal title to the trustee evidenced by a written instrument |
| 10 | | of conveyance and acceptance by the trustee. |
| 11 | | (b) If the transferor is a trustee of the trust, an |
| 12 | | interest in real property does not become trust property unless |
| 13 | | the instrument of conveyance is recorded in the office of the |
| 14 | | recorder of the county in which the property is located.
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