Illinois § 1403 Definitions and terms

Illinois Statutes

§ 1403 — Definitions and terms

Illinois § 1403

JurisdictionIllinois

TopicRIGHTS AND REMEDIES

Ch. 760TRUSTS AND FIDUCIARIES

Act 760 ILCS 3/Illinois Trust Code.

Art.Article 14 - Perpetuities

This text of Illinois § 1403 (Definitions and terms) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

760 Ill. Comp. Stat. 1403 (2026).

Text

As used in this Article unless the context otherwise requires:

(a)Any reference in this Article to income to be "paid" or to income "payments" or to "receiving" income includes income payable or distributable to or applicable for the benefit of a beneficiary.

(b)"Instrument" means any writing pursuant to which any legal or equitable interest in property or in the income therefrom is affected, disposed of, or created.

(c)"Qualified perpetual trust" means any trust created by any written instrument executed on or after January 1, 1998, including an amendment to an instrument in existence before that date and the exercise of a power of appointment granted by an instrument executed or amended on or after that date:

(1)to which, by the specific terms governing the trust, the rule against pe

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

As used in this Article unless the context otherwise requires: (a) Any reference in this Article to income to be "paid" or to income "payments" or to "receiving" income includes income payable or distributable to or applicable for the benefit of a beneficiary. (b) "Instrument" means any writing pursuant to which any legal or equitable interest in property or in the income therefrom is affected, disposed of, or created. (c) "Qualified perpetual trust" means any trust created by any written instrument executed on or after January 1, 1998, including an amendment to an instrument in existence before that date and the exercise of a power of appointment granted by an instrument executed or amended on or after that date: (1) to which, by the specific terms governing the trust, the rule against perpetuities does not apply; and (2) the power of the trustee (or other person to whom the power is properly granted or delegated) to sell property of which is not limited by the trust instrument or any provision of law for any period of time beyond the period of the rule against perpetuities.