House Bill No. 6857
Public Act No. 99-103
An Act Concerning Merger of Trust Interests.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
(NEW) (a) The legal title to and the beneficial interest in property that is held in trust are not merged, nor is a trust invalidated, because any person, including the settlor of the trust, is or may become the sole trustee and the sole holder of any or all beneficial interests therein, whether any such interest be vested or contingent, present or future, and whether created by express provision of the trust instrument or as a result of reversion to the settlor's estate.
(b) This act shall be applicable to all trusts whether created before, on or after the effective date of this act. Nothing in this act shall be construed to invalidate any trust created prior to the effective date of this act.
Approved June 3, 1999TOP