Relief from liability and indemnification

760 ILCS 3/1217, under Trust Decanting.

760 ILCS 3/1217

(760 ILCS 3/1217)

    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.

(Source: P.A. 101-48, eff. 1-1-20.)