Sec. 1009. Beneficiary's consent, release, or ratification.
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/il/chapter-760/act-3/1009A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.