Illinois Compiled Statutes 760 ILCS 3/807 – Delegation by trustee
Current as of: 2024 | Check for updates
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(a) Except as provided in subsection (b), the trustee has a duty not to delegate to others the performance of any acts involving the exercise of judgment and discretion.
(b) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
(1) selecting an agent;
(2) establishing the scope and terms of the
(b) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
Terms Used In Illinois Compiled Statutes 760 ILCS 3/807
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
(1) selecting an agent;
(2) establishing the scope and terms of the
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delegation, consistent with the purposes of the trust and the trust instrument; and
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(3) periodically reviewing the agent’s actions in
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order to monitor the agent’s performance and compliance with the terms of the delegation.
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(c) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
(d) A trustee who complies with subsection (b) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.
(e) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this State, an agent submits to the jurisdiction of the courts of this State.
(d) A trustee who complies with subsection (b) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.
(e) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this State, an agent submits to the jurisdiction of the courts of this State.