Illinois Compiled Statutes 760 Trusts and Fiduciaries: Article -

• Illinois Principal and Income Act. - 760 ILCS 15, Section 1
  Short Title. This Act may be cited as the Principal and Income Act. (Source: P.A. 86-1475.)
• Illinois Principal and Income Act. - 760 ILCS 15, Section 2
  Definitions. As used in this Act: (a) "income beneficiary" means the person to whom income is presently payable or for whom it is accumulated...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 3
  Scope of Act; rules of administration. (a) This Act governs the ascertainment of income and principal and the apportionment of receipts and expenses in...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 4
  Income and Principal Defined. (a) Income is the return in money or property derived from the use of principal, including return received as: (1)...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 5
  When right to income commences and terminates. (a) An income beneficiary is entitled to income from the date or event specified in the instrument,...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 6
  Administration of a decedent's estate. (a) Subject to subsection (b), all expenses incurred in connection with the settlement of a decedent's estate, including debts,...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 7
  Corporate Distributions. (a) Corporate distributions of shares of the distributing corporation, including distributions in the form of a stock split or stock dividend, are...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 8
  Premium and discount. (a) A bond or other obligation for the payment of money is principal at its inventory value. No provision shall be...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 9
  Business and farming operations. (a) If a trustee uses any part of the principal in the operation of a business or, except as provided...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 10
  Disposition of natural resources. (a) If any part of the principal consists of a right to receive royalties, overriding or limited royalties, working interests,...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 12
  Other property subject to depletion. Except as provided in Section 10, if the principal consists of property subject to depletion, including leaseholds, patents, copyrights,...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 12.1
  Employment related periodic payments. (a) Except as provided in subsection (b), if any part of the principal consists of the right to receive periodic...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 13
  Nonapportionment of proceeds. Except to the extent provided in Section 8 and Section 10, no portion of the net proceeds of the sale or...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 14
  Charges against income and principal. (a) The following charges shall be made against income: (1) ordinary expenses, other than compensation as provided in paragraph...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 15
  Non-trust estates. (a) The provisions of this Act, as far as applicable, shall apply to nontrust estates subject to any agreement of the parties...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 16
  Application of Act. Except as specifically provided in the governing instrument or in this Act, this Act shall apply to any receipt or expense...
• Illinois Principal and Income Act. - 760 ILCS 15, Section 16a
  Repealer. The "Principal and Income Act", approved July 17, 1941, as amended, is repealed. (Source: P.A. 82-390.)
• Illinois Principal and Income Act. - 760 ILCS 15, Section 17
  This Act takes effect January 1, 1982. (Source: P.A. 82-390.)

Last modified: February 18, 2015