8/26/2023 0 Comments What does a township trustee doProceeding within the time allowed by Section 1005 (3) the beneficiary did not commence a judicial Nonjudicial settlement agreement in accordance with Section 111 (2) the transaction was approved by the court or by (1) the transaction was authorized by the trust (a) Subject to the rights of persons dealing with or assisting the trustee as provided in Section 1012, a sale, encumbrance, or other transaction involving the investment or management of trust property entered into by the trustee for the trustee's own personal account or that is otherwise affected by a conflict between the trustee's fiduciary and personal interests is voidable by a beneficiary affected by the transaction and a trustee must disgorge to the trust any profit from such transaction if voided, unless: Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its purposes and the terms of the trust, and in accordance with this Code. (This Section may contain text from a Public Act with a delayed effective date)
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