Illinois § 1204 Fiduciary duty

Illinois Statutes

§ 1204 — Fiduciary duty

Illinois·Topic RIGHTS AND REMEDIES·Ch. 760 TRUSTS AND FIDUCIARIES·Act 760 ILCS 3/ Illinois Trust Code.·Art. Article 12 - Trust Decanting

(a)In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.

(b)This Article does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this Article.

(c)Except as otherwise provided in a first-trust instrument, for purposes of this Article and Section 801, the terms of the first trust are deemed to include the decanting power.

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(a) In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust. (b) This Article does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this Article. (c) Except as otherwise provided in a first-trust instrument, for purposes of this Article and Section 801, the terms of the first trust are deemed to include the decanting power.

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