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Public Act 92-0222
SB250 Enrolled LRB9205911WHcs
AN ACT concerning trusts.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Trusts and Trustees Act is amended by
changing Section 11 as follows:
(760 ILCS 5/11) (from Ch. 17, par. 1681)
Sec. 11. Accounts.
(a) Every trustee at least annually shall furnish to the
beneficiaries then entitled to receive or receiving the
income from the trust estate, or if none, then those
beneficiaries eligible to have the benefit of the income from
the trust estate a current account showing the receipts,
disbursements and inventory of the trust estate. A current
account shall be binding on the beneficiaries receiving the
account and on such beneficiaries' heirs and assigns unless
an action against the trustee is instituted by the
beneficiary or such beneficiary's heirs and assigns within 3
years from the date the current account is furnished.
(b) Every trustee shall on termination of the trust
furnish to the beneficiaries then entitled to distribution of
the trust estate a final account for the period from the date
of the last current account to the date of distribution
showing the inventory of the trust estate, the receipts,
disbursements and distributions and shall make available to
such beneficiaries copies of prior accounts not theretofore
furnished. Such final accounting shall be binding on the
beneficiaries receiving the same and all persons claiming by
or through them, unless an action against the trustee is
instituted by the beneficiary or person claiming by or
through him or her within 3 years from the date the final
account is furnished.
(c) With respect to trust estates which terminated and
were distributed 10 years or less prior to January 1, 1988,
the final account furnished to the beneficiaries entitled to
distribution of the trust estate shall be binding on the
beneficiaries receiving the same and all persons claiming by
or through them, unless an action against the trustee is
instituted by the beneficiary or person claiming by or
through him or her within 5 years from January 1, 1988 or
within 10 years from the date the final account was
furnished, whichever is longer.
(d) With respect to trust estates which terminated and
were distributed more than 10 years prior to January 1, 1988,
the final account furnished to the beneficiaries entitled to
distribution of the trust estate shall be binding on the
beneficiaries receiving the same and all persons claiming by
or through them, unless an action against the trustee is
instituted by the beneficiary or person claiming by or
through him or her within 2 years from January 1, 1988.
(e) If a beneficiary is under a legal disability, the
account shall be provided to the representative of the estate
of the beneficiary and shall be binding on the beneficiary
and the beneficiary's estate unless an action against the
trustee is instituted by the representative within 3 years
from the date the account is furnished. If no
representative for the estate of a beneficiary under legal
disability has been appointed, the account shall be provided
to a spouse, parent, adult child, or guardian of the person
of the beneficiary and shall be binding on the beneficiary
unless an action is instituted against the trustee by the
spouse, parent, adult child, or guardian of the person to
whom the account is furnished within 3 years from the date it
is furnished.
(f) If the trustee is guilty of fraudulent concealment,
notwithstanding subsection (a), (b), (c), (d) or (e), the
beneficiary may bring the action within the time limit set
forth in Section 13-215 of the Code of Civil Procedure.
(g) Receipt of an account by a beneficiary (or other
person, as provided) is presumed if the trustee has
procedures in place requiring the mailing or delivery of an
account to the beneficiary (or other person, as provided).
This presumption shall apply to the mailing or delivery of an
account by electronic means or the provision of access to an
account by electronic means so long as the beneficiary has
agreed to receive such electronic delivery or access.
(Source: P.A. 89-344, eff. 1-1-96; 89-686, eff. 6-1-97.)
Section 99. Effective date. This Act takes effect upon
becoming law.
Passed in the General Assembly May 09, 2001.
Approved August 02, 2001.
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