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760 ILCS 3/904

Duties at inception of trusteeship

Known as the Illinois Prudent Investor Law

The act spans §§ 760-3-900 to 760-3-914 (15 sections).

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

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.

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