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7 Cards in this Set

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When will a trustee be personally liable for 3rd party contracts?


  1. Contract does not explicitly shield Trustee
  2. contract related to trust property

What are the two requirements for a trustee to be reimbursed for contract liability?
  1. Contract was within powers of the trustee; AND
  2. Trustee was acting in the course of proper administration of the trust

When is trustee liable for torts?

Personally liable for its torts or the torts of its employees.

What are the two requirements for a trustee to be reimbursed for tort liability?
  1. Trustee acting within trustee powers and only taking risks that are normal incident of proper trustee conduct; and
  2. trustee not personally at fault

What is required in Illinois for a Trustee to resign?

At any time


  1. With written notice to Settlor, Co-trustee, and beneficiaries

What is the Trustee's investment duty?

Modern Portfolio

What are the requirements for the Modern Portfolio theory?

Trustee creates a custom-tailored investment strategy for the particular trust.


  • Looks at over-all portfolio, not individual investments