Illinois Compiled Statutes 760 ILCS 3/809 – Control and protection of trust property
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Terms Used In Illinois Compiled Statutes 760 ILCS 3/809
- 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.
- Trustee: A person or institution holding and administering property in trust.
A trustee shall take reasonable steps to take control of and protect the trust property. If a corporation is acting as co-trustee with one or more individuals, the corporate trustee shall have custody of the trust estate unless all the trustees otherwise agree.