§ 760 ILCS 15/1 Short Title
§ 760 ILCS 15/2 Definitions
§ 760 ILCS 15/3 Scope of Act; rules of administration
§ 760 ILCS 15/4 Income and Principal Defined
§ 760 ILCS 15/5 When right to income commences and terminates
§ 760 ILCS 15/6 Administration of a decedent’s estate
§ 760 ILCS 15/7 Corporate Distributions
§ 760 ILCS 15/8 Premium and discount
§ 760 ILCS 15/9 Business and farming operations
§ 760 ILCS 15/10 Disposition of natural resources
§ 760 ILCS 15/12 Other property subject to depletion
§ 760 ILCS 15/12.1 Employment related periodic payments
§ 760 ILCS 15/13 Nonapportionment of proceeds
§ 760 ILCS 15/14 Charges against income and principal
§ 760 ILCS 15/15 Non-trust estates
§ 760 ILCS 15/16 Application of Act
§ 760 ILCS 15/16a Repealer
§ 760 ILCS 15/17 This Act takes effect January 1, 1982

Terms Used In Illinois Compiled Statutes > 760 ILCS 15 - Principal and Income Act

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Decedent: A deceased person.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Executor: A male person named in a will to carry out the decedent
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Legacy: A gift of property made by will.
  • Legatee: A beneficiary of a decedent
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
  • Statute: A law passed by a legislature.
  • Surviving spouse: means "widow" or "widower" as the case may be. See Illinois Compiled Statutes 5 ILCS 70/1.32
  • Testator: A male person who leaves a will at death.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC