(760 ILCS 5/14)
(from Ch. 17, par. 1684)
Powers and Duties of Successor - Liability for Acts of Predecessor
- Approval of Accounts.
(1) A successor trustee shall have all the rights, powers and duties,
which are granted to or imposed on the predecessor. (2) A successor trustee
shall be under no duty to inquire into the acts or doings of a predecessor
trustee, and is not liable for any act or failure to act of a predecessor
trustee. (3) With the approval of a majority in interest of the
beneficiaries then entitled to receive or eligible to have the benefit of
the income from the trust, a successor trustee may accept the account
rendered and the property received as a full and complete discharge to the
predecessor trustee without incurring any liability for so doing.
(Source: P.A. 78-625.)