Public-domain · open source
OpenJurist

760 ILCS 3/705

Resignation of trustee

P.A. 101-48, eff. 1-1-20.

(a) A trustee may resign: (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.

Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.