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760 Illinois Compiled Statutes
5/15.2. Trusts for
domestic or pet animals.
(a) A trust for the care
of one or more designated domestic or pet animals is
valid. The trust terminates when no living animal is
covered by the trust. A governing instrument shall be
liberally construed to bring the transfer within this
Section, to presume against a merely precactory or
honorary nature of its disposition, and to carry out
the general intent of the transferor. Extrinsic
evidence is admissible in determining the transferor’s
intent.
(b) A trust for the care
of one or more designated domestic or pet animals is
subject to the following provisions:
(1) Except as
expressly provided otherwise in the instrument
creating the trust, no portion of the principal or
income of the trust may be converted to the use of the
trustee or to a use other than for the trust’s
purposes or for the benefit of a covered animal.
(2) Upon
termination, the trustee shall transfer the unexpended
trust property in the following order:
(A)
as directed in the trust instrument;
(B)
if there is no direction in the trust instrument and
if the trust was created in a non-residuary clause in
the transferor’s will, then under the residuary clause
in the transferor’s will; or
(C)
if no taker is produced by the application of
subparagraph (A) or (B), then to the transferor’s
heirs, determined according to Section 2-1 of the
Probate Act of 1975.
(3) The
intended use of the principal or income may be
enforced by an individual designated for that purpose
in the trust instrument or, if none, by an individual
appointed by a court having jurisdiction of the matter
and parties, upon petition to it by an individual.
(4) Except as
ordered by the court or required by the trust
instrument, no filing, report, registration, periodic
accounting, separate maintenance of funds,
appointment, or fee is required by reason of the
existence of the fiduciary relationship of the
trustee.
(5) The court
may reduce the amount of the property transferred if
it determines that the amount substantially exceeds
the amount required for the intended use. The amount
of the reduction, if any, passes as unexpended trust
property under paragraph (2).
(6) If a
trustee is not designated or no designated trustee is
willing and able to serve, the court shall name a
trustee. The court may order the transfer of the
property to another trustee if the transfer is
necessary to ensure that the intended use is carried
out, and if a successor trustee is not designated in
the trust instrument or if no designated successor
trustee agrees to serve and is able to serve. The
court may also make other orders and determinations as
are advisable to carry out the intent of the
transferor and the purpose of this Section.
(7) The trust
is exempt from the operation of the common law rule
against perpetuities.
(Added by Public Act
093-0668 (2001), effective January 1, 2005.) |