Illinois Compiled Statutes 760 ILCS 3/1001 – Remedies for breach of trust
Current as of: 2024 | Check for updates
|
Other versions
(a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.
(b) To remedy a breach of trust that has occurred or may occur, the court may:
(1) compel the trustee to perform the trustee’s
(b) To remedy a breach of trust that has occurred or may occur, the court may:
Terms Used In Illinois Compiled Statutes 760 ILCS 3/1001
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trustee: A person or institution holding and administering property in trust.
(1) compel the trustee to perform the trustee’s
|
duties;
|
(2) enjoin the trustee from committing a breach of
|
trust;
|
(3) compel the trustee to redress a breach of trust
|
by paying money, restoring property, or other means;
|
(4) order a trustee to account;
(5) appoint a special fiduciary to take possession
(5) appoint a special fiduciary to take possession
|
of the trust property and administer the trust;
|
(6) suspend the trustee;
(7) remove the trustee as provided in Section 706;
(8) reduce or deny compensation to the trustee; or
(9) subject to Section 1012, void an act of the
(7) remove the trustee as provided in Section 706;
(8) reduce or deny compensation to the trustee; or
(9) subject to Section 1012, void an act of the
|
trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds.
|
(c) Nothing in this Section limits the equitable powers of the court to order other appropriate relief.