Illinois § 1323 Powerholder's authority to revoke or amend exercise

Illinois Statutes

§ 1323 — Powerholder's authority to revoke or amend exercise

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 powerholder may revoke or amend an exercise of a power of appointment only to the extent that:

(1)the powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument creating the power of appointment do not prohibit the reservation; or (2) the terms of the instrument creating the power of appointment provide that the exercise is revocable or amendable.

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

A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: (1) the powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument creating the power of appointment do not prohibit the reservation; or (2) the terms of the instrument creating the power of appointment provide that the exercise is revocable or amendable.

Illinois § 1323 (Powerholder's authority to revoke or amend exercise) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.