§ 1111 — Remedies

Illinois § 1111

• Jurisdiction: Illinois
• Topic: RIGHTS AND REMEDIES
• Ch. 760: TRUSTS AND FIDUCIARIES
• Act 760 ILCS 3/: Illinois Trust Code.
• Art.: Article 11 - Total Return Trusts

Text

A trustee who reasonably and in good faith takes any action under this Article is not liable to any interested person. If a trustee reasonably and in good faith takes any action under this Article and an interested person opposes the action, the person's exclusive remedy is to obtain an order of the court directing the trustee to convert the trust to a total return trust, to reconvert from a total return trust, to change the distribution percentage, or to order any administrative procedures the court determines necessary or helpful for the proper functioning of the trust. An action by a trustee under this Article is presumed taken or omitted reasonably and in good faith unless it is determined by the court to have been an abuse of discretion.

Legislative History

(Source: P.A. 101-48, eff. 1-1-20 .)