Illinois Compiled Statutes 760 ILCS 5 Trusts and Trustees Act. Section 4.06

    (760 ILCS 5/4.06) (from Ch. 17, par. 1660)

    Sec. 4.06. To enter into agreements for bank or other deposit accounts, safe deposit boxes, custodian, agency or depositary arrangements for all or any part of the trust estate, including agreements for such services provided by a bank operated by or affiliated with the trustee, and to pay reasonable compensation for those services, including compensation to the bank operated by or affiliated with the trustee, except that nothing in this Section shall be construed as removing any depositary arrangements from the requirements of the prudent person rule.

(Source: P.A. 85-1211; 86-1475.)

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Last modified: February 18, 2015