Terms Used In Illinois Compiled Statutes 760 ILCS 3/1007

  • Trustee: A person or institution holding and administering property in trust.
     If the happening of an event, including, but not limited to, marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee’s lack of knowledge.