Illinois Compiled Statutes > 760 ILCS 51 – Uniform Prudent Management of Institutional Funds Act


§ 760 ILCS 51/1	Short title
§ 760 ILCS 51/2	Definitions
§ 760 ILCS 51/3	Standard of conduct in managing and investing institutional fund
§ 760 ILCS 51/4	Appropriation for expenditure or accumulation of endowment fund; rules of construction
§ 760 ILCS 51/5	Delegation of management and investment functions
§ 760 ILCS 51/6	Release or modification of restrictions on management, investment, or purpose
§ 760 ILCS 51/7	Reviewing compliance
§ 760 ILCS 51/8	Application to existing institutional funds
§ 760 ILCS 51/9	Relation to Electronic Signatures in Global and National Commerce Act
§ 760 ILCS 51/10	Uniformity of application and construction
§ 760 ILCS 51/10.1	Repeal
§ 760 ILCS 51/11	Effective date

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Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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}
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Dependent: A person dependent for support upon another.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Trustee: A person or institution holding and administering property in trust.

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