Illinois § 1308 Rules of classification

Illinois Statutes

§ 1308 — Rules of classification

Illinois·Topic RIGHTS AND REMEDIES·Ch. 760 TRUSTS AND FIDUCIARIES·Act 760 ILCS 3/ Illinois Trust Code.·Art. Article 13 - Uniform Powers of Appointment Law

(a)In this Section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate.

(b)If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.

(c)If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) In this Section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. (b) If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral. (c) If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.

Illinois § 1308 (Rules of classification) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.