Illinois Compiled Statutes 760 ILCS 3/702 – Trustee’s bond
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(a) A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(b) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
(c) A corporate fiduciary, as defined in § 1-5.505 of the Corporate Fiduciary Act, qualified to do trust business in this State need not give bond, even if required by the terms of the trust.
(b) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
Terms Used In Illinois Compiled Statutes 760 ILCS 3/702
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- Trustee: A person or institution holding and administering property in trust.
(c) A corporate fiduciary, as defined in § 1-5.505 of the Corporate Fiduciary Act, qualified to do trust business in this State need not give bond, even if required by the terms of the trust.