reglab/housing_qa huggingface dataset:
760 ILCS 3/910
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. 910. Language invoking standard of Article. The following terms or comparable language in the investment powers and related provisions  of a trust instrument, unless otherwise limited or modified by that instrument, shall be construed as authorizing any investment or strategy permitted under this Article: "investments permissible by law for investment of trust funds", "legal investments", "authorized investments", "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital", "prudent man rule", "prudent trustee rule", "prudent person rule", and "prudent investor rule".  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/911
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. 911. (See Section 900 for short title.)   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/912
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. 912. Application to existing trusts. The Sections of this Article that precede this Section apply to all existing and future trusts, but only as to actions or inactions occurring on or after January 1, 1992.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/913
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. 913. Life insurance.(a)  Notwithstanding any other provision, the duties of a trustee with respect to acquiring or retaining as a trust asset a contract of insurance upon the life of the settlor, upon the lives of the settlor and the settlor's spouse, or upon the life of any person for which the trustee has an insurable interest in accordance with Section 113, do not include any of the following duties:(1)  to determine whether any contract of life     insurance in the trust, or to be acquired by the trust, is or remains a proper investment, including, without limitation, with respect to:(A)  the type of insurance contract;(B)  the quality of the insurance contract;(C)  the quality of the insurance company;  or(D)  the investments held within the insurance         contract;(2)  to diversify the investment among different     policies or insurers, among available asset classes, or within an insurance contract;(3)  to inquire about or investigate into the health     or financial condition of an insured;(4)  to prevent the lapse of a life insurance     contract if the trust does not receive contributions or hold other readily marketable assets to pay the life insurance contract premiums; or(5)  to exercise any policy options, rights, or     privileges available under any contract of life insurance in the trust, including any right to borrow the cash value or reserve of the policy, acquire a paid-up policy, or convert to a different policy.(b)  The trustee is not liable to the beneficiaries of the trust, the beneficiaries of the contract of insurance, or to any other party for loss arising from the absence of these duties regarding insurance contracts under this Section.(c)  This Section applies to an irrevocable trust created after the effective date of this Code or to a revocable trust that becomes irrevocable after the effective date of this Code.  This Section applies to a trust established before the effective date of this Code if the trustee of a trust described under this Section notifies the settlor in writing that, unless the settlor provides written notice to the contrary to the trustee within 90 days of the trustee's notice, this Section applies to the trust effective as of the date of the trustee's written notice.  This Section does not apply if, within 90 days of the trustee's notice, the settlor notifies the trustee in writing that this Section does not apply.  If the settlor is deceased, then the trustee shall give notice to all of the legally competent current beneficiaries, and this Section applies to the trust unless the majority of the beneficiaries notify the trustee to the contrary in writing within 90 days of the trustee's notice.    (Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22; 102-558, eff. 8-20-21.)
760 ILCS 3/Art. 10 heading
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

   Article 10.  Liability of Trustees and Rights of Persons Dealing with Trustee.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1001
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1001. Remedies for breach of trust.(a)  A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.(b)  To remedy a breach of trust that has occurred or may occur, the court may:(1)  compel the trustee to perform the trustee's     duties;(2)  enjoin the trustee from committing a breach of     trust;(3)  compel the trustee to redress a breach of trust     by paying money, restoring property, or other means;(4)  order a trustee to account;(5)  appoint a special fiduciary to take possession     of the trust property and administer the trust;(6)  suspend the trustee;(7)  remove the trustee as provided in Section 706;(8)  reduce or deny compensation to the trustee; or(9)  subject to Section 1012, void an act of the     trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds.(c)  Nothing in this Section limits the equitable powers of the court to order other appropriate relief.      (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1002
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1002. Damages for breach of trust.(a)  A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:(1)  the amount required to restore the value of the     trust property and trust distributions to what they would have been had the breach not occurred; or(2)  the value of any benefit received by the trustee     by reason of the breach.(b)  Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees liable for the breach. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1003
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1003. No damages in absence of breach. Except as provided in Section 802, absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for any benefit received by the trustee by reason of the administration of the trust.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1004
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1004. Attorney's fees and costs. In a judicial proceeding involving the administration of a trust, the court, as equity may require, may award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1006
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1006. Reliance on trust instrument. A trustee who acts in reasonable reliance on the express language of the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1007
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1007. Event affecting administration or distribution. If the happening of an event, including, but not limited to, marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1008
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1008. Exculpation of trustee.(a)  A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it:(1)  relieves the trustee of liability for breach of     trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or(2)  was inserted as the result of an abuse by the     trustee of a fiduciary or confidential relationship to the settlor.(b)  An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trustee proves that the exculpatory term is fair under the circumstances and that its existence and contents were adequately communicated to the settlor.  These conditions are satisfied if the settlor was represented by independent counsel.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1009
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1009. Beneficiary's consent, release, or ratification.(a)  A trustee is not liable to a beneficiary, or to anyone claiming by or through the beneficiary, for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:(1)  the consent, release, or ratification of the     beneficiary was induced by improper conduct of the trustee; or(2)  at the time of the consent, release, or     ratification, the beneficiary did not know of the beneficiary's rights or of the material facts relating to the breach.(b)  If the beneficiary's consent, release, or ratification involves a self-dealing transaction, the consent, release, or ratification is binding only if the transaction was fair and reasonable.  The condition that a self-dealing transaction must be fair and reasonable is satisfied if the beneficiary was represented by independent counsel.  No consideration is required for the consent, release, or ratification to be valid.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1010
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1010. Limitation on personal liability of trustee.(a)  Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity.(b)  A trustee is personally liable for torts committed in the course of administering a trust, or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, only if the trustee is personally at fault.(c)  A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust, may be asserted in a judicial proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for the claim.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1011
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1011. Interest as general partner.(a)  Except as otherwise provided in subsection (c) or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the fiduciary capacity was disclosed in the contract or in a statement previously filed pursuant to the Uniform Partnership Act (1997) or Uniform Limited Partnership Act (2001) or any other similar state law.(b)  Except as otherwise provided in subsection (c), a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault.(c)  The immunity provided by this Section does not apply if an interest in the partnership is held by the trustee in a capacity other than that of trustee or is held by the trustee's spouse or one or more of the trustee's descendants, siblings, or parents, or the spouse of any of them.(d)  If the trustee of a revocable trust holds an interest as a general partner, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1012
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

Sec. 1012. Protection of person dealing with trustee.(a)  A person other than a beneficiary or a beneficiary's representative under Article 3 acting in a representative capacity who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.(b)  A person other than a beneficiary or a beneficiary's representative under Article 3 acting in a representative capacity who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.(c)  A person, including a beneficiary, who in good faith delivers assets to a trustee need not ensure their proper application.(d)  A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.(e)  Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this Section.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1014
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 10 - Liability of Trustees and Rights of Persons Dealing With Trustee

(760 ILCS 3/1014)Sec. 1014. Reliance on Secretary of Financial and Professional Regulation. No trustee or other person is liable under this Code for any act done or omitted in good faith in conformity with any rule, interpretation, or opinion issued by the Secretary of Financial and Professional Regulation, notwithstanding that after the act or omission has occurred, the rule, opinion, or interpretation upon which reliance is placed is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/Art. 11 heading
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 11 - Total Return Trusts

   Article 11.  Total Return Trusts.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1101
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 11 - Total Return Trusts

Sec. 1101. Total return trust defined; trustee duty to inform.(a)  In this Article, "total return trust" means a trust converted in accordance with this Article that the trustee shall manage and invest seeking a total return without regard to whether the return is from income or appreciation of principal.(b)  Notwithstanding any other provision of this Article, a trustee has no duty to inform beneficiaries about the availability of this Article and has no duty to review the trust to determine whether any action should be taken under this Article unless requested to do so in writing by a qualified beneficiary.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1102
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 11 - Total Return Trusts

Sec. 1102. Conversion by trustee.   A trustee may convert a trust to a total return trust as described in this Article if all of the following apply:(1)  The trust describes the amount that may or must     be distributed to a beneficiary by referring to the trust's income, and the trustee determines that conversion to a total return trust will enable the trustee to better carry out the purposes of the trust and the conversion is in the best interests of the beneficiaries;(2)  the trustee sends a written notice of the     trustee's decision to convert the trust to a total return trust, specifying a prospective effective date for the conversion and including a copy of this Article, to all of the qualified beneficiaries; and(3)  no qualified beneficiary objects to the     conversion to a total return trust in a writing delivered to the trustee within 60 days after the notice is sent.   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1103
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 11 - Total Return Trusts

Sec. 1103. Conversion by agreement. Conversion to a total return trust may be made by agreement between a trustee and all qualified beneficiaries.  The agreement may include any actions a court could properly order under Section 1104; however, any distribution percentage determined by the agreement may not be less than 3% nor greater than 5%.   (Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22.)
760 ILCS 3/1105
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 11 - Total Return Trusts

Sec. 1105. Post conversion. While a trust is a total return trust, all of the following apply to the trust:(1)  the trustee shall make income distributions in     accordance with the trust instrument subject to this Article;(2)  the term "income" in the trust instrument means     an annual amount (the "distribution amount") equal to a percentage (the "distribution percentage") of the net fair market value of the trust's assets, whether the assets are considered income or principal under the Principal and Income Act, averaged over the lesser of:(A)  the 3 preceding years; or(B)  the period during which the trust has been         in existence;(3)  the distribution percentage for any trust     converted to a total return trust by a trustee in accordance with Section 1102 shall be 4%;(4)  the trustee shall pay to a beneficiary (in the     case of an underpayment) and shall recover from a beneficiary (in the case of an overpayment) an amount equal to the difference between the amount properly payable and the amount actually paid, plus interest compounded annually at a rate per annum equal to the distribution percentage in the year or years while the underpayment or overpayment exists; and(5)  a change in the method of determining a     reasonable current return by converting to a total return trust in accordance with this Article and substituting the distribution amount for net trust accounting income is a proper change in the definition of trust income notwithstanding any contrary provision of the Principal and Income Act, and the distribution amount shall be deemed a reasonable current return that fairly apportions the total return of a total return trust.   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1107
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 11 - Total Return Trusts

Sec. 1107. Allocations.(a)  Expenses, taxes, and other charges that would be deducted from income if the trust were not a total return trust shall not be deducted from the distribution amount.(b)  Unless otherwise provided by the trust instrument, the trustee shall fund the distribution amount each year from the following sources for that year in the order listed:(1)  first from net income (as the term would be     determined if the trust were not a total return trust);(2)  then from other ordinary income as determined     for federal income tax purposes;(3)  then from net realized short-term capital gains     as determined for federal income tax purposes;(4)  then from net realized long-term capital gains     as determined for federal income tax purposes;(5)  then from trust principal comprised of assets     for which there is a readily available market value; and(6)  then from other trust principal.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/1108
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 11 - Total Return Trusts

Sec. 1108. Restrictions. Conversion to a total return trust does not affect any provision in the trust instrument:(1)  directing or authorizing the trustee to     distribute principal;(2)  directing or authorizing the trustee to     distribute a fixed annuity or a fixed fraction of the value of trust assets;(3)  authorizing a beneficiary to withdraw a portion     or all of the principal; or(4)  in any manner that would diminish an amount     permanently set aside for charitable purposes under the trust instrument unless both income and principal are so set aside.  (Source: P.A. 101-48, eff. 1-1-20.)