Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2022 | Updated by FindLaw Staff
§ 302. Representation by holders of certain powers.
(a) The holder of a testamentary or a presently exercisable power of appointment that is: (1) a general power of appointment; or (2) exercisable in favor of all persons other than the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate, may represent and bind all persons, including takers in default, whose interests may be eliminated by the exercise of the power.
(b) To the extent there is no conflict of interest between a holder and the persons represented with respect to the particular question or dispute, the holder of a testamentary or presently exercisable power of appointment, other than a power described in subsection (a), may represent and bind all persons, including takers in default, whose interests may be eliminated by the exercise of the power.
(c) Subsection (a), except with respect to a presently exercisable general power of appointment, and subsection (b) do not apply to:
(1) any matter determined by the court to involve fraud or bad faith by the trustee; or
(2) a power of appointment held by a person while the person is the sole trustee.
Cite this article: FindLaw.com - Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/302. Representation by holders of certain powers - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-760-trusts-and-fiduciaries/il-st-sect-760-3-302/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)