Current through Public Act 103-1052
Section 760 ILCS 3/1308 - Rules of classification(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. Added by P.A. 101-0048,§ 1308, eff. 1/1/2020.