760 ILCS 70/0.01
Short title
Short title. This Act may be cited as the Fiduciary Transfer of Securities Act. (Source: P.A. 86-1324.)
Illinois Compiled Statutes 760 ILCS 70 — Fiduciary Transfer of Securities Act.
Illinois · statute · 760 ILCS 70 · 10 active provisions
760 ILCS 70/1
Definitions
Definitions. In this Act unless the context requires otherwise: (a) "Assignment" includes any written stock power, bill of sale, deed, declaration of trust or other instrument of transfer. (b) "Beneficial interest" includes the interest of a decedent's legatee, distributee, heir or creditor, of a beneficiary under a tr…
760 ILCS 70/2
Assignment to a fiduciary
Assignment to a fiduciary. A corporation making a transfer of a security upon assignment by the registered owner to a person described as a fiduciary in the assignment or known by the corporation to be a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship,…
760 ILCS 70/3
Assignment by a fiduciary
Assignment by a fiduciary. A corporation making a transfer of a security upon assignment by a fiduciary: (a) may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties, (b) may assume without i…
760 ILCS 70/4
Adverse claims
Adverse claims. If a person having or asserting a claim of beneficial interest adverse to the transfer of a security from a fiduciary delivers written notice of the claim to the corporation before the transfer, the corporation shall promptly notify the claimant by registered mail of the presentation of the security for…
760 ILCS 70/5
Non-liability of corporation
Non-liability of corporation. A corporation making a transfer of a security under this Act incurs no liability to any person. (Source: Laws 1957, p. 247.)
760 ILCS 70/5a
Non-liability of third persons
Non-liability of third persons. No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary including a person who guarantees the signature of the fiduciary is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the t…
760 ILCS 70/6
Application
Application. The rights and duties of a corporation in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized. This Act applies to the rights and duties of…
760 ILCS 70/7
Tax obligations
Tax obligations. This Act shall not be construed to affect any obligation of a corporation with respect to estate, inheritance, succession or other taxes imposed by the laws of this State. (Source: Laws 1957, p. 247.)
760 ILCS 70/9
Effective date
Effective date. This Act shall take effect on September 1, 1957. (Source: Laws 1957, p. 247.)