Terms Used In Illinois Compiled Statutes > Chapter 760 - Trusts and Fiduciaries

• Acquire: includes to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor. See Illinois Compiled Statutes 110 ILCS 661/6-5
• Acquire: includes to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor. See Illinois Compiled Statutes 110 ILCS 666/11-5
• Acquire: includes to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor. See Illinois Compiled Statutes 110 ILCS 676/21-5
• Acquire: includes to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor. See Illinois Compiled Statutes 110 ILCS 681/26-5
• Authority: means any Municipal Zoo Authority, as provided in this Division. See Illinois Compiled Statutes 65 ILCS 5/11-48.3-2
• Bequeath: To gift property by will.
• Board: means the Board of Trustees of the University or its successor. See Illinois Compiled Statutes 110 ILCS 661/6-5
• Board: means the Board of Trustees of the University or its successor. See Illinois Compiled Statutes 110 ILCS 666/11-5
• Board: means the Board of Trustees of the University or its successor. See Illinois Compiled Statutes 110 ILCS 676/21-5
• Board: means the Board of Trustees of the University or its successor. See Illinois Compiled Statutes 110 ILCS 681/26-5
• Board: means the governing and administrative body of any Municipal Zoo Authority, as provided in this Division. See Illinois Compiled Statutes 65 ILCS 5/11-48.3-2
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Committee membership: Legislators are assigned to specific committees by their party. Seniority, regional balance, and political philosophy are the most prominent factors in the committee assignment process.
• Donee: The recipient of a gift.
• Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 661/6-5
• Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 666/11-5
• Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 676/21-5
• Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 681/26-5
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Instrument: means any writing pursuant to which any legal or equitable interest in property or in the income therefrom is affected, disposed of, or created. See Illinois Compiled Statutes 760 ILCS 3/1403
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Lineal descendant: Direct descendant of the same ancestors.
• 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.
• Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 661/6-5
• Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 666/11-5
• Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 676/21-5
• Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 681/26-5
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• University: means and includes Chicago State University, located at Chicago, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 661/6-5
• University: means and includes Eastern Illinois University, located at Charleston, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 666/11-5
• University: means and includes Illinois State University, located at Normal, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 676/21-5
• University: means and includes Northeastern Illinois University, located at Chicago, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 681/26-5