Illinois Compiled Statutes 760 ILCS 3/812 – Powers and duties of successor; liability for acts of predecessor; approval of accounts
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(a) A successor trustee shall have all the rights, powers, and duties that are granted to or imposed on the predecessor trustee.
(b) A successor trustee is under no duty to inquire into the acts or doings of a predecessor trustee, and is not liable for any act or failure to act of a predecessor trustee.
(c) With the approval of a majority in interest of the beneficiaries then entitled to receive or eligible to have the benefit of the income from the trust, a successor trustee may accept the account rendered by, and the property received from, the predecessor trustee as a full and complete discharge of the predecessor trustee without incurring any liability.
(b) A successor trustee is under no duty to inquire into the acts or doings of a predecessor trustee, and is not liable for any act or failure to act of a predecessor trustee.
Terms Used In Illinois Compiled Statutes 760 ILCS 3/812
- Trustee: A person or institution holding and administering property in trust.
(c) With the approval of a majority in interest of the beneficiaries then entitled to receive or eligible to have the benefit of the income from the trust, a successor trustee may accept the account rendered by, and the property received from, the predecessor trustee as a full and complete discharge of the predecessor trustee without incurring any liability.