Illinois § 1320

Illinois Statutes

§ 1320

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

Disposition of unappointed property under released or unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:

(1)the gift-in-default clause controls the disposition of the unappointed property; or (2) if there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property:

(A)passes to the permissible appointees if:

(i)the permissible appointees are defined and limited; and (ii) the terms of the instrument creating the power do not manifest a contrary intent; or (B) if there is no taker under subparagraph (A), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

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Disposition of unappointed property under released or unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (1) the gift-in-default clause controls the disposition of the unappointed property; or (2) if there is no gift-in-default clause or to the extent the clause is ineffective, the unappointed property: (A) passes to the permissible appointees if: (i) the permissible appointees are defined and limited; and (ii) the terms of the instrument creating the power do not manifest a contrary intent; or (B) if there is no taker under subparagraph (A), passes under a reversionary interest to the donor or the donor's transferee or successor in interest.

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