Illinois Compiled Statutes 760 ILCS 3/1003 – No damages in absence of breach
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Terms Used In Illinois Compiled Statutes 760 ILCS 3/1003
- 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
- Trustee: A person or institution holding and administering property in trust.
Except as provided in Section 802, absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for any benefit received by the trustee by reason of the administration of the trust.