Sec. 705. Resignation of trustee.
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/il/chapter-760/act-3/705A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 705. Resignation of trustee.
(a)A trustee may resign:
(1)upon notice to the settlor, if living, to the beneficiaries who are distributees or
permissible distributees of trust income, and all co-trustees; or
(2)with the approval of the court.
(b)In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c)Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.