Illinois Compiled Statutes
760 ILCS 15/2 (2026)
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(760 ILCS 15/2)
(from Ch. 30, par. 502)
Sec. 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 for distribution as income;
(b) "inventory value" means the cost of property purchased by the trustee
and the market
value of other property at the time it became subject to the trust, but in the
case of a property subject to the Federal estate tax, the trustee shall
use the value finally determined
for the purposes of such tax;
(c) "remainderman" means the person entitled to principal, including income which has
been accumulated and added to principal;
(d) "trustee" means an original trustee and any successor or added trustee.
(Source: P.A. 82-390.)
Notes of Decisions
Cited in 1
case, 2008–2008 · leading case: Vena v. Vena, 899 N.E.2d 522 (Ill. App. Ct. 2d Dist. 2008).
Vena v. Vena, 899 N.E.2d 522 (Ill. App. Ct. 2d Dist. 2008). “See 760 ILCS 15/2(c) (West 2006) (defining “remainderman” for the Principal and Income Act (760 ILCS 15/1 et seq.”
760 ILCS 15/2(c): 1 case
Vena v. Vena, 899 N.E.2d 522 (Ill. App. Ct. 2d Dist. 2008). “See 760 ILCS 15/2(c) (West 2006) (defining “remainderman” for the Principal and Income Act (760 ILCS 15/1 et seq.”
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