(205 ILCS 620/3-3) (from Ch. 17, par. 1553-3)
Sec. 3-3.
Successor trustee.
(a) If any corporate fiduciary merges into, or
becomes consolidated with, another corporate fiduciary qualified
to administer trusts or is succeeded in its trust business by any
corporate fiduciary by purchase or otherwise; or if a bank
holding company causes a subsidiary, qualified to administer
trusts, to succeed to part or all of the trust business of any
other subsidiary of the same bank holding company, the surviving,
consolidated, successor corporate fiduciary or subsidiary shall
become successor fiduciary in place of such predecessor corporate
fiduciary, unless expressly prohibited by the provisions of the trust
instrument, with all the rights, powers and duties which were
granted to or imposed on such predecessor corporate fiduciary.
(b) (Blank).
(c) Notwithstanding any other provision of law, a corporate fiduciary may
delegate to any of its affiliates qualified to administer trusts any or
all fiduciary duties, actions or decisions, discretionary or otherwise, and the
delegating corporate fiduciary shall not be required to review any delegated
actions or decisions taken by the affiliate. The term "affiliate" means any
state bank, any state savings bank, any state savings and loan association,
any national bank, any trust company, or any other corporation,
which is qualified to act as a fiduciary in this or any other
state and which is a member of the same affiliated group (within
the meaning of Section 1504 of the Internal Revenue Code of 1986, as amended).
(Source: P.A. 90-14, eff. 7-1-97; 91-97, eff. 7-9-99.)
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