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Illinois Statutes Chapter 760. Trusts and Fiduciaries § 20/2. Definitions

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§ 2. Definitions. In this Act:

(1) “Adult” means an individual who has attained the age of 21 years.

(2) “Benefit plan” means any pension plan, retirement, death benefit, deferred compensation, employment, agency, stock bonus, option or profit sharing contract, plan, system, account, trust or individual retirement account. A benefit plan “obligor” means the party designated under the plan to make distributions, otherwise the paying entity.

(3) “Beneficial interest in a land trust” and “land trust” mean the same as “beneficial interest” and “land trust” as defined in “An Act to require disclosure, under certification of perjury, of all beneficial interests in real property held in a land trust, in certain cases”, approved September 21, 1973, as now or hereafter amended.  1

(4) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of another.

(5) “Court” means an Illinois circuit court.

(6) “Custodial property” means (i) any interest in property transferred to a custodian under this Act and (ii) the income from and proceeds of that interest in property.

(7) “Custodian” means a person designated under Section 10 or a successor or substitute custodian designated under Section 19.

(8) “Financial Institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.

(9) “Governing instrument” means any judicial order or non-judicial document creating or describing property rights.

(10) “Guardian” means a person appointed or qualified by a court to act as general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.

(11) “Member of the minor's family” means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.

(12) “Minor” means an individual who has not attained the age of 21 years.

(13) “Person” means an individual, corporation, organization, or other entity.

(13.5) “Qualified minor's trust” means any trust (including a trust created by the custodian) (i) of which the minor is the sole beneficiary and (ii) that satisfies the requirements of Section 2503(c) of the Internal Revenue Code 2 and the regulations implementing that Section.

(14) “Representative” means an executor, administrator, general, temporary or limited guardian, successor representative, an obligor under a benefit plan or other governing instrument or a person legally authorized to perform substantially the same functions.

(15) “State” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.

(16) “Transfer” means a transaction that creates custodial property under Section 10.

(17) “Transferor” means a person who makes a transfer under this Act.

(18) “Trust company” means a financial institution, corporation, or other entity, authorized to exercise general trust powers.

1 765 ILCS 405/1 et seq.
2 26 U.S.C.A. § 2503.

Cite this article: - Illinois Statutes Chapter 760. Trusts and Fiduciaries § 20/2. Definitions - last updated January 01, 2022 |

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