There Is a Newer Version of the Illinois Compiled Statutes
2005 Illinois Code - Chapter 765 Property 765 ILCS 315/ Trust Accumulation Act.
(765 ILCS 315/0.01) (from Ch. 30, par. 152.9)
Sec. 0.01.
Short title.
This Act may be cited as the
Trust Accumulation Act.
(Source: P.A. 86‑1324.)
|
(765 ILCS 315/1) (from Ch. 30, par. 153)
Sec. 1.
No person shall, after this Act goes into effect, by any deed,
will, agreement or otherwise, settle or dispose of any real or personal
property, so and in such manner, either expressly or by implication, that
the income thereof shall be wholly or partially accumulated for any longer
term after the effective date of such settlement or disposition than a life
or lives in being at that date and 21 years beyond; and in every case where
any accumulation shall be directed otherwise, such direction shall be null
and void, and the income of such property so directed to be accumulated,
shall, so long as the same shall be directed to be accumulated contrary to
the provisions of this Act, go to and be received by the person in whom the
beneficial interest in the corpus of the estate from which such income was
derived is vested. This Section does not apply to trusts to which Section 5
of the Statute Concerning Perpetuities applies, to qualified perpetual trusts
as defined in Section 3 of the Statute Concerning Perpetuities, to trusts
created for the
purpose of care of burial places, and to trusts created as part of a
plan
for the benefit of some or all of the employes of one or more employers,
including but without limitation, a stock bonus, pension, disability, death
benefit, profit sharing, unemployment benefit or other plan, for the
purpose of distributing for the benefit of such employes, including their
beneficiaries, the earnings or the principal, or both earnings and
principal, of the fund so held in trust. Nothing in this Act shall be
deemed to affect or modify in any manner the rule of property known as the
"rule against perpetuities". For purposes of this Act no settlement or
disposition shall be deemed effective as long as, by the terms of the
instrument creating it, the maker of the instrument has the power to revoke
the instrument or to transfer or direct to be transferred to himself the
entire legal and equitable ownership of the property which is the subject
matter of the settlement or disposition.
The amendatory Act of 1953 applies only to deeds or agreements inter
vivos which become legally effective on or after July 1, 1953, and only to
wills of testators dying on or after such date.
The amendatory Act of 1957 applies only to instruments which become
effective after July 1, 1957.
This amendatory Act of 1969 applies only to instruments which become
effective after the effective date of this amendatory Act of 1969, but the
last sentence of the first paragraph of this amendatory Act of 1969 shall
be deemed to be declaratory of the law prevailing in this state at the
effective date of this amendatory Act of 1969.
(Source: P.A. 90‑472, eff. 8‑17‑97; 90‑796, eff. 12‑15‑98.)
|
Disclaimer: These codes may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
