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Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/102. Scope

Current as of January 01, 2022 | Updated by FindLaw Staff

§ 102. Scope. Except as otherwise provided, this Code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. This Code does not apply to any:

(1) land trust;

(2) voting trust;

(3) security instrument such as a trust deed or mortgage;

(4) liquidation trust;

(5) escrow;

(6) instrument under which a nominee, custodian for property, or paying or receiving agent is appointed;

(7) trust created by a deposit arrangement in a banking or savings institution, commonly known as a “Totten trust” unless in the trust instrument any of the provisions of this Code are made applicable by specific reference; or

(8) Grain Indemnity Trust Account or any other trust created under the Grain Code.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/102. Scope - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-760-trusts-and-fiduciaries/il-st-sect-760-3-102.html

Read this complete Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/102. Scope on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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