Sec. 1217. Relief from liability and indemnification.
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/il/chapter-760/act-3/1217A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1217. Relief from liability and indemnification.
(a)Except as otherwise provided in this Section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument.
(b)A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.
(c)A second-trust instrument may not reduce fiduciary liability in the aggregate.
(d)Subject to subsection (c), a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors, trust protectors, or other persons, and relieve a fiduciary from liability for an act or failure to act of another fiduciary as permitted by law of this State other than this Article.