Illinois Compiled Statutes 755 ILCS 5/4a-30 – No independent duty
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Terms Used In Illinois Compiled Statutes 755 ILCS 5/4a-30
- Transfer instrument: means the legal document intended to effectuate a transfer effective on or after the transferor's death and includes, without limitation, a will, trust, transfer on death instrument, deed, form designated as payable on death, contract, or other beneficiary designation form. See Illinois Compiled Statutes 755 ILCS 5/4a-5
- Trustee: A person or institution holding and administering property in trust.
The rebuttable presumption set forth in Section 4a-10 of this Article applies only in a civil action in which a transfer instrument is being challenged, and does not create or impose an independent duty on any financial institution, trust company, trustee, or similar entity or person related to any transfer instrument.