Illinois Compiled Statutes 760 ILCS 3/705 – Resignation of trustee
Current as of: 2024 | Check for updates
|
Other versions
(a) A trustee may resign:
(1) upon notice to the settlor, if living, to the
(1) upon notice to the settlor, if living, to the
|
beneficiaries who are distributees or permissible distributees of trust income, and all co-trustees; or
|
(2) with the approval of the court.
(b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c) Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee is not discharged or affected by the trustee’s resignation.
Terms Used In Illinois Compiled Statutes 760 ILCS 3/705
- Trustee: A person or institution holding and administering property in trust.
(b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c) Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee is not discharged or affected by the trustee’s resignation.