(a) A successor trustee shall have all the rights, powers, and duties that are granted to or imposed on the predecessor trustee. (b) A successor trustee is under no duty to inquire into the acts or doings of a predecessor trustee, and is not liable for any act or failure to act of a predecessor trustee. (c) With the approval of a majority in interest of the beneficiaries then entitled to receive or eligible to have the benefit of the income from the trust, a successor trustee may accept the account rendered by, and the property received from, the predecessor trustee as a full and complete discharge of the predecessor trustee without incurring any liability.
‹ Prev All Illinois sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.