Illinois 98th Regular Session Status: Enacted

SB 2002 — TRUSTS-EXCLUDED FIDUCIARY

Last action — Public Act . . . . . . . . . 98-0866

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 15, 2013. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Illinois Public Labor Relations Act. Makes a technical change in a Section concerning the short title.

Bill Text

What changed in the latest version

261 added · 19 removed

Plain-language change summary

The latest version of SB 2002 adds definitions related to "directed trusts," which specify the roles of various parties involved in managing trust distributions. It clarifies who can make decisions about the distribution of trust assets, potentially allowing for greater flexibility in how trusts are administered. This change is significant because it helps ensure that trust advisors and protectors can have more explicit authority while outlining the responsibilities of fiduciaries, promoting clearer governance within trusts.

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SB2002 Engrossed LRB098 06513 JDS 36556 b AN ACT concerning government.
SB2002 Enrolled LRB098 06513 JDS 36556 b AN ACT concerning government.
(3) "Excluded fiduciary" means any fiduciary that by the governing instrument is directed to act in accordance with the exercise of specified powers by a directing party, in which case such specified powers shall be deemed granted not to the fiduciary but to the directing party and such fiduciary shall be deemed excluded from exercising such SB2002 Engrossed - 2 - LRB098 06513 JDS 36556 b specified powers.
(3) "Excluded fiduciary" means any fiduciary that by the governing instrument is directed to act in accordance with the exercise of specified powers by a directing party, in which case such specified powers shall be deemed granted not to the fiduciary but to the directing party and such fiduciary shall be deemed excluded from exercising such SB2002 Enrolled - 2 - LRB098 06513 JDS 36556 b specified powers.
(7) "Power" means authority to take or withhold an SB2002 Engrossed - 3 - LRB098 06513 JDS 36556 b action or decision, including but not limited to an expressly specified power, the implied power necessary to exercise a specified power, and authority inherent in a general grant of discretion.
(7) "Power" means authority to take or withhold an SB2002 Enrolled - 3 - LRB098 06513 JDS 36556 b action or decision, including but not limited to an expressly specified power, the implied power necessary to exercise a specified power, and authority inherent in a general grant of discretion.
(2) direct the trustee with respect to all management, SB2002 Engrossed - 4 - LRB098 06513 JDS 36556 b control, and voting powers related directly or indirectly to trust assets, including but not limited to voting proxies for securities held in trust;
(2) direct the trustee with respect to all management, SB2002 Enrolled - 4 - LRB098 06513 JDS 36556 b control, and voting powers related directly or indirectly to trust assets, including but not limited to voting proxies for securities held in trust;
Unless the terms of the governing instrument provide otherwise, the distribution trust advisor has authority to direct the trustee with regard to all decisions relating directly or indirectly to discretionary distributions to or for one or more SB2002 Engrossed - 5 - LRB098 06513 JDS 36556 b beneficiaries.
Unless the terms of the governing instrument provide otherwise, the distribution trust advisor has authority to direct the trustee with regard to all decisions relating directly or indirectly to discretionary distributions to or for one or more SB2002 Enrolled - 5 - LRB098 06513 JDS 36556 b beneficiaries.
SB2002 Engrossed - 6 - LRB098 06513 JDS 36556 b (4) remove, appoint, or remove and appoint, a trustee, investment trust advisor, distribution trust advisor, another directing party, investment committee member, or distribution committee member, including designation of a plan of succession for future holders of any such office;
SB2002 Enrolled - 6 - LRB098 06513 JDS 36556 b (4) remove, appoint, or remove and appoint, a trustee, investment trust advisor, distribution trust advisor, another directing party, investment committee member, or distribution committee member, including designation of a plan of succession for future holders of any such office;
The SB2002 Engrossed - 7 - LRB098 06513 JDS 36556 b Attorney General's Charitable Trust Bureau may, however, waive this notice requirement.
The SB2002 Enrolled - 7 - LRB098 06513 JDS 36556 b Attorney General's Charitable Trust Bureau may, however, waive this notice requirement.
SB2002 Engrossed - 8 - LRB098 06513 JDS 36556 b (1) if a governing instrument provides that an excluded fiduciary is to follow the direction of a directing party, and such excluded fiduciary acts in accordance with such a direction, then except in cases of willful misconduct on the part of the excluded fiduciary in complying with the direction of the directing party, the excluded fiduciary is not liable for any loss resulting directly or indirectly from following any such direction, including but not limited to compliance regarding the valuation of assets for which there is no readily available market value;
SB2002 Enrolled - 8 - LRB098 06513 JDS 36556 b (1) if a governing instrument provides that an excluded fiduciary is to follow the direction of a directing party, and such excluded fiduciary acts in accordance with such a direction, then except in cases of willful misconduct on the part of the excluded fiduciary in complying with the direction of the directing party, the excluded fiduciary is not liable for any loss resulting directly or indirectly from following any such direction, including but not limited to compliance regarding the valuation of assets for which there is no readily available market value;
SB2002 Engrossed - 9 - LRB098 06513 JDS 36556 b (g) Submission to court jurisdiction;
SB2002 Enrolled - 9 - LRB098 06513 JDS 36556 b (g) Submission to court jurisdiction;
An excluded fiduciary may, but is not required to, obtain and rely upon an opinion of counsel on SB2002 Engrossed - 10 - LRB098 06513 JDS 36556 b any matter relevant to this Section.
An excluded fiduciary may, but is not required to, obtain and rely upon an opinion of counsel on SB2002 Enrolled - 10 - LRB098 06513 JDS 36556 b any matter relevant to this Section.
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Action History

  1. Public Act . . . . . . . . . 98-0866

  2. Effective Date January 1, 2015

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. Third Reading - Short Debate - Passed 104-000-000

  7. Placed on Calendar Order of 3rd Reading - Short Debate

  8. Second Reading - Short Debate

  9. Placed on Calendar 2nd Reading - Short Debate

  10. Do Pass / Short Debate Judiciary; 015-000-000

  11. Assigned to Judiciary

  12. Referred to Rules Committee

  13. First Reading

  14. Chief House Sponsor Rep. Jil Tracy

  15. Arrived in House

  16. Third Reading - Passed; 057-000-000

  17. Placed on Calendar Order of 3rd Reading

  18. Senate Floor Amendment No. 1 Adopted; Dillard

  19. Recalled to Second Reading

  20. Senate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 011-000-000

  21. Senate Floor Amendment No. 1 Assignments Refers to Judiciary

  22. Chief Sponsor Changed to Sen. Kirk W. Dillard

  23. Senate Floor Amendment No. 1 Referred to Assignments

  24. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Kirk W. Dillard

  25. Placed on Calendar Order of 3rd Reading March 6, 2014

  26. Approved for Consideration Assignments

  27. Rule 2-10 Third Reading Deadline Established As May 31, 2013

  28. Re-referred to Assignments

  29. Rule 2-10 Third Reading Deadline Established As May 3, 2013

  30. Placed on Calendar Order of 3rd Reading April 16, 2013

  31. Second Reading

  32. Placed on Calendar Order of 2nd Reading March 21, 2013

  33. Do Pass Executive; 010-000-000

  34. Assigned to Executive

  35. Referred to Assignments

  36. First Reading

  37. Filed with Secretary by Sen. Christine Radogno

Sponsors

  • Kirk W. Dillard · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Kirk W. Dillard

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 104 Yea · 0 Nay · 14 Other
Party YeaNayPresentNot Voting
Unaffiliated 710012
Democrat 26001
Republican 7001
Total 1040014
% of votes cast 88%0%0%12%
How each member voted (118)
Member Party Vote
Lang — Yea
Acevedo — Not Voting
Anthony — Yea
Arroyo — Yea
Beiser — Yea
Bellock — Yea
Berrios — Not Voting
Mautino — Yea
Bost — Yea
Brauer — Yea
Brown — Yea
McAsey — Yea
Fortner — Not Voting
Jackson — Yea
Jakobsson — Yea
Jefferson — Yea
Leitch — Yea
McAuliffe — Yea
McSweeney — Yea
Moffitt — Yea
Nekritz — Yea
Sente — Yea
Soto — Yea
Stewart — Yea
Bradley — Yea
Brady — Yea
Tabares — Yea
Thapedi — Yea
Tryon — Yea
Mitchell, Bill — Yea
Unes — Yea
Burke, Daniel — Yea
Sullivan — Yea
Mitchell, Christian — Yea
Verschoore — Yea
Burke, Kelly — Yea
Harris, David — Yea
Harris, Greg — Yea
Cavaletto — Yea
Cloonen — Yea
Conroy — Yea
Costello — Yea
Drury — Yea
Dunkin — Yea
Durkin — Yea
Flowers — Yea
Golar — Yea
Harms — Yea
Hatcher — Yea
Hays — Yea
Kosel — Not Voting
Wheeler — Yea
Madigan — Yea
Williams — Yea
Davis, Monique — Yea
Jones — Yea
Pihos — Yea
Senger — Not Voting
Hernandez — Not Voting
Turner — Not Voting
Willis — Not Voting
Yingling — Yea
Zalewski — Not Voting
Cross — Yea
Currie — Yea
D'Amico — Yea
Demmer — Yea
Franks — Not Voting
Hurley — Yea
Ives — Yea
Kay — Yea
Osmond — Not Voting
Phelps — Yea
Poe — Yea
Pritchard — Yea
Reboletti — Yea
Reis — Yea
Riley — Yea
Sandack — Yea
Schmitz — Not Voting
Smiddy — Yea
Sommer — Yea
Chapa LaVia — Yea
Anna Moeller Democrat Yea
Anthony DeLuca Democrat Yea
Camille Y. Lilly Democrat Not Voting
Elgie R. Sims, Jr. Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Fred Crespo Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Yea
Julie A. Morrison Democrat Yea
Kelly M. Cassidy Democrat Yea
La Shawn K. Ford Democrat Yea
Laura Fine Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Martin J. Moylan Democrat Yea
Michelle Mussman Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robert F. Martwick Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Yea
William "Will" Davis Democrat Yea
Brad Halbrook Republican Yea
Charles Meier Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Jil Tracy Republican Yea
Joe C. Sosnowski Republican Not Voting
John M. Cabello Republican Yea
Norine K. Hammond Republican Yea
Wayne A. Rosenthal Republican Yea

Official roll call →

Third Reading

Passed 57 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 42001
Democrat 13000
Republican 2001
Total 57002
% of votes cast 97%0%0%3%
How each member voted (59)
Member Party Vote
LaHood — Yea
Landek — Yea
Manar — Yea
Althoff — Yea
Martinez — Yea
Barickman — Yea
Bertino-Tarrant — Yea
Biss — Yea
Bivins — Yea
Bush — Yea
McConnaughay — Not Voting
Haine — Yea
Link — Yea
Luechtefeld — Yea
McCann — Yea
McCarter — Yea
Mulroe — Yea
Muñoz — Yea
Silverstein — Yea
Steans — Yea
Trotter — Yea
Harris — Yea
Brady — Yea
McGuire — Yea
Sullivan — Yea
Jacobs — Yea
Cullerton, T. — Yea
Clayborne — Yea
Connelly — Yea
Forby — Yea
Frerichs — Yea
Hutchinson — Yea
Cullerton — Yea
Kotowski — Yea
Oberweis — Yea
Dillard — Yea
Duffy — Yea
Noland — Yea
Radogno — Yea
Raoul — Yea
Righter — Yea
Sandoval — Yea
Van Pelt — Yea
Bill Cunningham Democrat Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Julie A. Morrison Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Michael E. Hastings Democrat Yea
Steve Stadelman Democrat Yea
Chapin Rose Republican Yea
Dave Syverson Republican Not Voting
Sue Rezin Republican Yea

Official roll call →

Subjects

labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 2002 do?
Amends the Illinois Public Labor Relations Act. Makes a technical change in a Section concerning the short title.
Who sponsors SB 2002?
SB 2002 is sponsored by Kirk W. Dillard.
What is the current status of SB 2002?
This bill has been enacted into law. Introduced February 15, 2013. Enacted.
Where can I track SB 2002?
Track SB 2002 free on One Click Politics — get push/email alerts when it moves.

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