reglab/housing_qa huggingface dataset:
760 ILCS 3/Art. 8 heading
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

   Article 8.  Duties and Powers of Trustee.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/801
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 801. Duty to administer trust. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its purposes and the terms of the trust, and in accordance with this Code.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/803
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 803. Impartiality. If a trust has 2 or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property giving due regard to the beneficiaries respective interests.  The trustee must treat the beneficiaries equitably in light of the purposes and terms of the trust, including any manifestation of an intention to favor one or more beneficiaries.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/804
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 804. Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/805
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 805. Costs of administration. In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property and the purposes of the trust.   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/806
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 806. (Reserved).  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/807
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 807. Delegation by trustee.(a)  Except as provided in subsection (b), the trustee has a duty not to delegate to others the performance of any acts involving the exercise of judgment and discretion.(b)  A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:(1)  selecting an agent;(2)  establishing the scope and terms of the     delegation, consistent with the purposes of the trust and the trust instrument; and(3)  periodically reviewing the agent's actions in     order to monitor the agent's performance and compliance with the terms of the delegation.(c)  In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.(d)  A trustee who complies with subsection (b) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.(e)  By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this State, an agent submits to the jurisdiction of the courts of this State.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/809
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 809. Control and protection of trust property. A trustee shall take reasonable steps to take control of and protect the trust property.  If a corporation is acting as co-trustee with one or more individuals, the corporate trustee shall have custody of the trust estate unless all the trustees otherwise agree.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/810
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 810. Recordkeeping and identification of trust property.(a)  A trustee shall keep adequate records of the administration of the trust.(b)  A trustee shall keep trust property separate from the trustee's own property.(c)  Except as otherwise provided in subsection (d), a trustee not subject to federal or state banking regulation shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary to whom the trustee has delivered the property.(d)  If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of 2 or more separate trusts.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/811
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 811. Enforcement and defense of claims. A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.  It may be reasonable for a trustee not to enforce a claim, not to defend an action, to settle an action, or to suffer a default, depending upon the likelihood of recovery and the cost of suit and enforcement.   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/812
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 812. Powers and duties of successor; liability for acts of predecessor; approval of accounts.(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.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/813.2
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 813.2. Duty to inform and account for pre-2020 trusts.(a)  This Section applies to all trusts created under a trust instrument that became irrevocable before the effective date of this Code and to a trustee of a revocable trust who accepted the trustee's trusteeship before the effective date of this Code.(b)  Every trustee at least annually shall furnish to the beneficiaries then entitled to receive or receiving the income from the trust estate, or, if none, then to those beneficiaries eligible to have the benefit of the income from the trust estate, a current account showing the receipts, disbursements, and inventory of the trust estate.(c)  Every trustee shall on termination of the trust furnish to the beneficiaries then entitled to distribution of the trust estate a final account for the period from the date of the last current account to the date of distribution showing the inventory of the trust estate, the receipts, disbursements, and distributions and shall make available to the beneficiaries copies of prior accounts not previously furnished.(d)  If a beneficiary is incapacitated, the account shall be provided to the representative of the estate of the beneficiary. If no representative for the estate of a beneficiary under legal disability has been appointed, the account shall be provided to a spouse, parent, adult child, or guardian of the person of the beneficiary.(e) For each asset or class of assets described in the account  for which there is no readily available market value, the trustee, in the trustee's  discretion, may determine whether to estimate the value or use a nominal carrying  value for such an asset, how to estimate the value of such an asset, and whether and  how often to engage a professional appraiser to value such an asset.  (Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22.)
760 ILCS 3/815
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 815. General powers of trustee.(a)  A trustee, without authorization by the court, may exercise:(1)  powers conferred by the trust instrument; or(2)  except as limited by the trust instrument:(A)  all powers over the trust property that an         unmarried owner with legal capacity has over individually owned property;(B)  any other powers appropriate to achieve the         proper investment, management, and distribution of the trust property; and(C)  any other powers conferred by this Code.(b)  The exercise of a power is subject to the fiduciary duties prescribed by this Code.      (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/817
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 817. Distribution upon termination. Upon the occurrence of an event terminating a trust in whole or in part, or upon the exercise by a beneficiary of a right to withdraw trust principal, the trustee shall proceed expeditiously to make the distribution to the beneficiary. The trustee has the right to require from the beneficiary a written approval of the trust accounting provided to the beneficiary and, at the trustee's election, a refunding agreement from the beneficiary for liabilities that would otherwise be payable from trust property to the extent of the beneficiary's share of the distribution.  A trust accounting approved under this Section is binding on the beneficiary providing the approval and on the beneficiary's successors, heirs, representatives, and assigns.  A trustee may elect to withhold a reasonable amount of a distribution or require a reasonable reserve for the payment of debts, expenses, and taxes payable from the trust pending the receipt of a written approval of the trust accounting provided to the beneficiary and refunding agreement from a beneficiary or a judicial settlement of accounts.  (Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22.)
760 ILCS 3/818
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 818. (Reserved).  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/819
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 819. Nominee registration. The trustee may cause stocks, bonds, and other real or personal property belonging to the trust to be registered and held in the name of a nominee without mention of the trust in any instrument or record constituting or evidencing title thereto. The trustee is liable for the acts of the nominee with respect to any investment so registered. The records of the trustee shall show at all times the ownership of the investment by the trustee, and the stocks, bonds, and other similar investments shall be in the possession and control of the trustee and be kept separate and apart from assets that are the individual property of the trustee.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/820
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

Sec. 820. Proceeds of eminent domain or partition. If a trustee is appointed by a court of this State to receive money under eminent domain or partition proceedings and to invest it for the benefit of the person who would be entitled to the real estate or its income if it had not been taken or sold, on petition of any interested person describing the real estate to be purchased, the price to be paid, the probable income to be derived and the state of the title, the court may authorize the trustee to invest all or any part of the money in other real estate in this State. Title to the real estate so purchased shall be taken in the name of the trustee. If the interest of the beneficiary in the real estate taken or sold was a legal interest, the court shall direct the trustee to convey to the beneficiary a legal estate upon the same conditions and limitations of title, but the conveyance by the trustee shall preserve any right of entry for condition broken, possibility of reverter created by the instrument of title or any reversion or other vested interest that arose by operation of law at the time the instrument took effect. The court shall not direct the conveyance by the trustee unless there is a person or class of persons in being who would have a vested interest in the real estate taken or sold under the instrument of title to the real estate and who would be entitled to possession of the real estate if it had not been taken or sold.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/821
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 8 - Duties and Powers of Trustee

(760 ILCS 3/821)Sec. 821. Lands or estates subject to future interest or power of appointment; waste; appointment of trustee.   If lands or any estate therein are subject to any legal or equitable future interest of any kind or to any power of appointment, whether a trust is involved or not, and it is made to appear that such lands or estate are liable to waste or depreciation in value, or that the sale thereof and the safe and proper investment of the proceeds will inure to the benefit and advantage of the persons entitled thereto, or that it is otherwise necessary for the conservation, preservation, or protection of the property or estate or of any present or future interest therein that such lands or estate be sold, mortgaged, leased, converted, exchanged, improved, managed or otherwise dealt with, the court may, pending the happening of the contingency, if any, and the vesting in possession of such future interest, declare a trust, and appoint a trustee or trustees for such lands or estate and vest in a trustee or trustees title to the property, and authorize and direct the sale of such property, either at a public sale or at private sale, and upon such terms and conditions as the court may direct, and in such case may authorize the trustee or trustees to make such sale and to receive, hold and invest the proceeds thereof under the direction of the court for the benefit of the persons entitled or who may become entitled thereto according to their respective rights and interests, authorize and direct that all or any portion of the property, or the proceeds thereof, so subject to such future interests or powers of appointment, be leased, mortgaged, converted, exchanged, improved, managed, invested, reinvested, or otherwise dealt with, as the rights and interests of the parties and the equities of the case may require, and to that end may confer all necessary powers on the trustee or trustees.    All orders of every court entered pursuant to this Section after June 30, 1982 and before September 16, 1985 vesting title to property in a trustee are hereby validated and such title is vested in such trustee effective the day the court entered such order.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/Art. 9 heading
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

   Article 9.  Illinois Prudent Investor Law; Life Insurance; Affiliated Investments.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/900
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 900. Article title. This Article may be referred to as the Illinois Prudent Investor Law.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/901
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 901. Prudent investor rule.(a)  Except as otherwise provided in subsection (b), a trustee administering a trust has a duty to invest and manage the trust assets to comply with the prudent investor rule set forth in this Article.(b)  The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by express terms of the trust.  A trustee is not liable to a beneficiary for the trustee's reasonable and good faith reliance on those express provisions.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/902
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 902. Standard of care; portfolio strategy; risk and return objectives.(a)  A  trustee has a duty to invest and manage trust assets as a prudent investor would, considering the purposes, terms, distribution requirements, and other circumstances of the trust.  This standard requires the  exercise of reasonable care, skill, and caution and applies not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy that incorporates risk and return objectives reasonably suitable to the trust.(b)  A trustee has a duty to pursue an investment strategy that considers both the reasonable production of income and safety of capital, consistent with the trustee's duty of impartiality and the purposes of the trust. Whether investments are underproductive or overproductive of income shall be judged by the portfolio as a whole and not as to any particular asset.(c)  The circumstances that a trustee may consider in making investment decisions include, without limitation:(1)  the general economic conditions;(2)  the possible effect of inflation or deflation;(3)  the expected tax consequences of investment     decisions or strategies;(4)  the role each investment or course of action     plays within the overall portfolio;(5)  the expected total return including both income     yield and appreciation of capital;(6)  the duty to incur only reasonable and     appropriate costs;(7)   environmental and social considerations;(8) governance policies of the entities in which the     trustee may invest;(9)  needs for liquidity, regularity of income, and     preservation or appreciation of capital; and(10)  an asset's special relationship or value, if     any, to the purpose of the trust or to one or more of the beneficiaries.(d)  In addition to the circumstances listed in subsection (c), a trustee may, but need not, consider related trusts and the assets of beneficiaries known to the trustee when making investment decisions.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/903
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 903. Diversification. A trustee has a duty to diversify the investments of the trust unless, under the circumstances, the trustee reasonably believes it is in the interests of the beneficiaries and furthers the purposes of the trust not to diversify.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/904
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 904. Duties at inception of trusteeship. 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.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/905
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 905. Court action. Nothing in this Article abrogates or restricts the power of an appropriate court in proper cases to: (i) direct or permit the trustee to deviate from the terms of the trust; or (ii) to direct or permit the trustee to take, or to restrain the trustee from taking, any action regarding the making or retention of investments.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/906
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 906. (Reserved).   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/907
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 907. (Reserved).   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/908
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 908. Reviewing compliance. No specific investment course of action is, taken alone, prudent or imprudent. The trustee may invest in every kind of property and type of investment, subject to this Article. A trustee's investment decisions and actions are to be judged in terms of the trustee's reasonable business judgment regarding the anticipated effect on the trust portfolio as a whole under the facts and circumstances prevailing at the time of the decision or action. This Article is a test of conduct and not of resulting performance.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/909
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 9 - Illinois Prudent Investor Law; Life Insurance; Affiliated Investments

Sec. 909. Delegation of investment and management functions. Notwithstanding any other provision of this Code, before delegating any investment functions to an agent in accordance with subsection (b) of Section 807, a trustee shall conduct an inquiry into the experience, performance history, professional licensing or registration, if any, and financial stability of the investment agent.  (Source: P.A. 101-48, eff. 1-1-20.)