760 ILCS 85/ Trustee Surety Release Act.

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760 ILCS 85/0.01

(760 ILCS 85/0.01) (from Ch. 103, par. 20.9)

Sec. 0.01.

Short title.

This Act may be cited as the

Trustee Surety Release Act.

(Source: P.A. 86-1324.)

760 ILCS 85/1

(760 ILCS 85/1) (from Ch. 103, par. 21)

Sec. 1.

Whenever any surety on the bond of any trustee of any
fund or property appointed by any last will or other
instrument in writing or appointed or created in any other manner than by
appointment by a court, or any heir, executor or administrator of such
surety, desires to be released from further liability upon any such bond, he,
she or it may file an action for that purpose, in the circuit court, against
such trustee and all other persons interested in such fund or property,
including any other surety or sureties upon such bond, setting forth the
facts relating to such bond and praying for the release of such surety. The
practice in such action shall be the same as near as may be, as in other
civil cases, and the court shall have power to compel such trustee, within
such reasonable time as may be fixed by the court for that purpose, to make
and execute a new bond in the same or greater penalty and with like
conditions, as near as may be, as the original bond and with good and
sufficient sureties to be approved by the court, or, in default of the
execution of such new bond, may remove such trustee and compel the trustee to
account and bring into court such trust fund or property or to deliver or
transfer the same to such new trustee as may be appointed by the court to
receive the same, and the court may enter all such other orders
in the case, including an order releasing such surety, or heir, executor or
administrator, as may appear to be just and right for the protection of all
persons interested in such fund or property.

(Source: P.A. 84-551.)