Illinois § 904 Duties at inception of trusteeship

Illinois Statutes

§ 904 — Duties at inception of trusteeship

Illinois·Topic RIGHTS AND REMEDIES·Ch. 760 TRUSTS AND FIDUCIARIES·Act 760 ILCS 3/ Illinois Trust Code.·Art. Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

A trustee has a duty, within a reasonable time after the acceptance of a trusteeship, to review trust assets and to make and implement decisions concerning the retention and disposition of original preexisting investments, in order to conform to this Article. A trustee's decision to retain or dispose of an asset may properly be influenced by the asset's special relationship or value to the purposes of the trust or to some or all of the beneficiaries, consistent with the trustee's duty of impartiality.

Free access — add to your briefcase to read the full text and ask questions with AI

A trustee has a duty, within a reasonable time after the acceptance of a trusteeship, to review trust assets and to make and implement decisions concerning the retention and disposition of original preexisting investments, in order to conform to this Article. A trustee's decision to retain or dispose of an asset may properly be influenced by the asset's special relationship or value to the purposes of the trust or to some or all of the beneficiaries, consistent with the trustee's duty of impartiality.

Illinois § 904 (Duties at inception of trusteeship) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.