Current as of January 01, 2019 | Updated by FindLaw Staff
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§ 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.
Cite this article: FindLaw.com - Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/1308. Rules of classification - last updated January 01, 2019 | https://codes.findlaw.com/il/chapter-760-trusts-and-fiduciaries/il-st-sect-760-3-1308/
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