Illinois Compiled Statutes 735 ILCS 5/2-1403 – Judgment debtor as beneficiary of trust
Current as of: 2024 | Check for updates
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No court, except as otherwise provided in this Section, shall order the satisfaction of a judgment out of any property held in trust for the judgment debtor if such trust has, in good faith, been created by, or the fund so held in trust has proceeded from, a person other than the judgment debtor.
The income or principal of a trust shall be subject to withholding for the purpose of securing collection of unpaid child support obligations owed by the beneficiary as provided in Section 4.1 of the “Non-Support of Spouse and Children Act”, § 22 of the Non-Support Punishment Act, and similar Sections of other Acts which provide for support of a child as follows:
(1) income may be withheld if the beneficiary is
The income or principal of a trust shall be subject to withholding for the purpose of securing collection of unpaid child support obligations owed by the beneficiary as provided in Section 4.1 of the “Non-Support of Spouse and Children Act”, § 22 of the Non-Support Punishment Act, and similar Sections of other Acts which provide for support of a child as follows:
Terms Used In Illinois Compiled Statutes 735 ILCS 5/2-1403
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(1) income may be withheld if the beneficiary is
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entitled to a specified dollar amount or percentage of the income of the trust, or is the sole income beneficiary; and
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(2) principal may be withheld if the beneficiary has
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a right to withdraw principal, but not in excess of the amount subject to withdrawal under the instrument, or if the beneficiary is the only beneficiary to whom discretionary payments of principal may be made by the trustee.
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