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Illinois Compiled Statutes

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

TRUSTS AND FIDUCIARIES
(760 ILCS 105/) Uniform Powers of Appointment Act.

760 ILCS 105/Art. 5

 
    (760 ILCS 105/Art. 5 heading)
Article 5. Rights of powerholder's creditors in appointive property.
(Source: P.A. 100-1044, eff. 1-1-19.)

760 ILCS 105/501

    (760 ILCS 105/501)
    (This Section may contain text from a Public Act with a delayed effective date)
    Sec. 501. Creditor claim: general power created by powerholder.
    (a) In this Section, "power of appointment created by the powerholder" includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the transfer.
    (b) Appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of the powerholder or of the powerholder's estate to the extent provided in the Uniform Fraudulent Transfer Act.
    (c) Subject to subsection (b), appointive property subject to a general power of appointment created by the powerholder is not subject to a claim of a creditor of the powerholder or the powerholder's estate to the extent the powerholder irrevocably appointed the property in favor of a person other than the powerholder or the powerholder's estate.
    (d) Subject to subsections (b) and (c), and notwithstanding the presence of a spendthrift provision or whether the claim arose before or after the creation of the power of appointment, appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of:
        (1) the powerholder, to the same extent as if the
    
powerholder owned the appointive property, if the power is presently exercisable; and
        (2) the powerholder's estate, to the extent the
    
estate is insufficient to satisfy the claim and subject to the right of a decedent to direct the source from which liabilities are paid, if the power is exercisable at the powerholder's death.
(Source: P.A. 100-1044, eff. 1-1-19.)

760 ILCS 105/502

    (760 ILCS 105/502)
    (This Section may contain text from a Public Act with a delayed effective date)
    Sec. 502. Creditor claim: general power not created by powerholder.
    (a) Except as otherwise provided in subsection (b), appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of:
        (1) the powerholder, to the extent the powerholder's
    
property is insufficient, if the power is presently exercisable; and
        (2) the powerholder's estate if the power is
    
exercised at the powerholder's death, to the extent the estate is insufficient, subject to the right of the deceased powerholder to direct the source from which liabilities are paid.
    (b) Subject to subsection (c) of Section 504, a power of appointment created by a person other than the powerholder which is subject to an ascertainable standard relating to an individual's health, education, support, or maintenance within the meaning of 26 U.S.C. 2041(b)(1)(A) or 26 U.S.C. 2514(c)(1), as amended, is treated for purposes of this Article as a nongeneral power.
(Source: P.A. 100-1044, eff. 1-1-19.)

760 ILCS 105/503

    (760 ILCS 105/503)
    (This Section may contain text from a Public Act with a delayed effective date)
    Sec. 503. Power to withdraw.
    (a) For purposes of this Article, and except as otherwise provided in subsection (b), a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw.
    (b) A power to withdraw property from a trust ceases to be treated as a presently exercisable general power of appointment upon its lapse, release, or waiver.
(Source: P.A. 100-1044, eff. 1-1-19.)

760 ILCS 105/504

    (760 ILCS 105/504)
    (This Section may contain text from a Public Act with a delayed effective date)
    Sec. 504. Creditor claim: nongeneral power.
    (a) Except as otherwise provided in subsections (b) and (c), appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder's estate.
    (b) Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder's estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of the Uniform Fraudulent Transfer Act.
    (c) If the initial gift in default of appointment is to the powerholder or the powerholder's estate, a nongeneral power of appointment is treated for purposes of this Section as a general power.
(Source: P.A. 100-1044, eff. 1-1-19.)