Sec. 703. Co-trustees.
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/il/chapter-760/act-3/703A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 703. Co-trustees.
(a)Co-trustees who are unable to reach a unanimous decision may act by majority decision after prior written notice to, or written waiver of notice by, each other co-trustee.
(b)If a vacancy occurs in a co-trusteeship, subsection
(b)of Section 704 applies.
(c)A co-trustee must participate in the performance of a trustee's function unless the co-trustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the co-trustee has properly delegated the performance of the function to another trustee.
(d)If a co-trustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining co-trustee or a majority of the remaining co-trustees may act for the trust.
(e)A trustee may delegate to a co-trustee for any period of time any or all of the trustee's rights, powers, and duties. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.
(f)Except as otherwise provided in subsection (g), a trustee who is not qualified to participate in an action or who does not join in an action of another trustee is not liable for the action.
(g)Each trustee who is not an excluded fiduciary under Section 808 shall exercise reasonable care to:
(1)prevent a co-trustee from committing a serious breach of trust; and
(2)compel a co-trustee to redress a serious breach of trust.
(h)A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any co-trustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.