(a) Except as provided in Section 602 and subsection (c):
         (1) Notice, information, accountings, or reports
    
given to a person who may represent and bind another person under this Article have the same effect as if given directly to the person represented.
        (2) Actions, including, but not limited to, the
    
execution of an agreement, taken by a person who may represent and bind another person under this Article are binding on the person represented to the same extent as if the actions had been taken by the person represented.
    (b) Except as otherwise provided in Section 602, a person under this Article who represents a settlor who is incapacitated may, on the settlor’s behalf: (i) receive notice, information, accountings, or reports; (ii) give a binding consent; or (iii) enter a binding agreement.

Terms Used In Illinois Compiled Statutes 760 ILCS 3/301

  • 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
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.

     (c) A settlor may not represent and bind a beneficiary under this Article with respect to a nonjudicial settlement agreement under Section 111, the termination or modification of a trust under subsection (a) of Section 411, or an exercise of the decanting power under Article 12.
     (d) If pursuant to this Article a person may be represented by 2 or more representatives, then the first of the following who has legal capacity and is willing to act as representative, shall represent and bind the person:
         (1) a representative or guardian ad litem appointed
    
by a court under Section 305;
        (2) the holder of a power of appointment under
    
Section 302;
        (3) a designated representative under Section 307;
         (4) a court-appointed guardian of the estate, or, if
    
none, a court-appointed guardian of the person under subsection (b) of Section 303;
        (5) an agent under a power of attorney for property
    
under subsection (c) of Section 303;
        (6) a parent of a person under subsection (d) of
    
Section 303;
        (7) another person having a substantially similar
    
interest with respect to the particular question or dispute under subsection (a) of Section 304; and
        (8) a representative under this Article for a person
    
who has a substantially similar interest to a person who has a representative under subsection (b) of Section 304.
    (e) A trustee is not liable for giving notice, information, accountings, or reports to a person who is represented by another person under this Article, and nothing in this Article prohibits the trustee from giving notice, information, accountings, or reports to the person represented.
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