Public Act 99-775 (Welch, D-Westchester; Connelly, R-Lisle) provides procedures and requirements for the access and control by guardians, executors, agents, and other fiduciaries of the digital assets of persons who are deceased, under a legal disability, or subject to the terms of a trust.
Effective August 12, 2016.
(Silverstein, D-Chicago; Lang, D-Chicago) seeks to reverse the holding of the Mendelson case (2016 IL App (2d) 150084). It provides that the transfer of real property to a trust requires a transfer of legal title to the trustee evidenced by a written instrument of conveyance and acceptance by the trustee. Provides that for any interest in real property to become trust property in a trust of which any transferor is a trustee, the instrument of conveyance shall additionally be recorded in the appropriate real property records.
Effective January 1, 2017.
(Cassidy, D-Chicago; Mulroe, D-Chicago) redefines “acceptable technological means” to mean any generally available technology that, by rule of the association, is deemed to provide reasonable security, reliability, identification, and verifiability. Allows acceptable technological means to be used to conduct association business such as a notice required to be sent or received; signature, vote, consent, or approval required to be obtained; and the performance of obligations or exercise of rights. It does not apply to any notices required under the Forcible Entry and Detainer Article or in connection with foreclosure proceedings in enforcement of any lien rights under the Acts.
Effective January 1, 2017.
(Williams, D-Chicago; Hastings, D-Matteson) provides that the rights of a beneficial owner may not be impaired in any way by the change of trustees if the identity of the trustee of a land trust has been changed by virtue of sale, assignment, appointment, or otherwise, but the beneficial owner or owners of the land trust remain unchanged. Provides that a change of trustees by a sale, acquisition, or appointment governed by the Corporate Fiduciaries Act is not a bar or defense to any court action filed by or in the name of either the previous trustee or the new trustee, regardless of whether the court action was originally filed in a representative capacity on behalf of the beneficial owner or owners.
Effective January 1, 2017.
Court entered order denying Citation Respondent's claim to funds held in joint checking account with Defendant, and ordering those funds be turned over to Plaintiff in satisfaction of underlying judgment obtained by Plaintiff against Defendant. At trial of supplementary proceeding, court used proper standard when analyzing whether Respondent met her burden of proof. Court conducted evidentiary hearing and heard testimony from Respondent and her husband. Lack of factual findings in court's written order does not mean court must be reversed. (LAMPKIN and BURKE, concurring.)
(Court opinion corrected 7/14/16.) Plaintiff filed breach of contract action against Defendants who personally guaranteed the 2 loans each defendant LLCs made with Plaintiff. Court entered default judgment against Defendants and granted Plaintiff's motion for summary judgment. Court erred in granting Defendants' Section 2-1401 motion to vacate judgment, as Defendants failed to set forth specific facts showing existence of meritorious defense. Signing contract without an attorney, and not understanding nature of personal guaranty, are not defenses on facts of case.(McDADE, concurring; CARTER, dissenting.)
Dispute involving Defendants' alleged inducement of Plaintiffs to make total investment of $4.61 million in start-up company, based on allegedly false statements and misrepresentations. Section 12(H) of Illinois Securities Law is based on Section 12 of Federal Securities Act. Proof of reliance is not required to prevail on a Section 12(H) claim under Illinois Securities Law; main issues are whether a false statement exists and whether it was material. Section 12(H) of Illinois Securities Law does not apply to limited or private security offerings and only applies to public offerings, which are required to be registered. As securities here were offered as part of limited or private offering, Section 12(H) does not apply. Court properly found that Plaintiffs could not reasonably rely on executive summary, PowerPoint, and e-mails due to cautionary language attached.(McBRIDE and HOWSE, concurring.)
(Martwick, D-Chicago; Haine, D-Alton) requires insurers to periodically use the federal Death Master File to determine if a policyholder has died but the death benefits have not been made. If a match is found but the beneficiaries do not file a claim within 120 days, the insurer is required to make a good-faith effort to locate them. This Act will apply to all policies, annuity contracts, and retained asset accounts in force on after January 1, 2017. Passed both chambers.
House Bill 4633 (Martwick, D-Chicago; Haine, D-Alton) requires insurers to periodically use the federal Death Master File to determine if a policyholder has died but the death benefits have not been made. If a match is found but the beneficiaries do not file a claim within 120 days, the insurer is required to make a good-faith effort to locate them. This Act will apply to all policies, annuity contracts, and retained asset accounts in force on after January 1, 2017. Passed both chambers.
(Biss, D-Skokie; Williams, D-Chicago) makes the following changes to the Act.
(1) Expands the definition of protected “personal information” to include a person’s first name or first initial and the last name that is encrypted or redacted but the unlocking keys have been breached if one of several “data elements” have also been unlawfully acquired. (2) Expands “data elements” to include medical information, health insurance information, unique biometric data. (3) Expands protected “personal information” to include user name or email address and password or security question information that permits a person’s online accounts to be breached. (4) Requires a data collector that owns or licenses, or maintains or stores but does not own or license, records that contain personal information of Illinois resident to implement and maintain reasonable security measures to protect those records from unauthorized access or use. (5) Compliance with the federal HIPAA complies with this Act as long as the covered entity provides notice of a breach to the Illinois Attorney General within notifying the Secretary of Health and Human Services. Effective January 1, 2017.