Section 760 ILCS 3/1320 - Disposition of unappointed property under released or unexercised nongeneral powerTo 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. Added by P.A. 101-0048,§ 1320, eff. 1/1/2020.