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(760 ILCS 3/1302) Sec. 1302. Definitions. In this Article:
(1) "Appointee" means a person to which a powerholder makes an appointment of appointive property.
(2) (Blank).
(3) "Blanket-exercise clause" means a clause in an instrument that exercises a power of appointment and is not a specific-exercise clause. The term includes a clause that:
(A) expressly uses the words "any power" in |
| exercising any power of appointment the powerholder has;
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(B) expressly uses the words "any property" in
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| appointing any property over which the powerholder has a power of appointment; or
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(C) disposes of all property subject to disposition
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(4) "Exclusionary power of appointment" means a power of appointment exercisable in favor of any one or more of the permissible appointees to the exclusion of the other permissible appointees.
(5) "Gift-in-default clause" means a clause identifying a taker in default of appointment.
(6) "Impermissible appointee" means a person that is not a permissible appointee.
(7) "Instrument" means a writing.
(8) (Blank).
(9) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(10) "Specific-exercise clause" means a clause in an instrument that specifically refers to and exercises a particular power of appointment.
(11) "Taker in default of appointment" means a person that takes part or all of the appointive property to the extent the powerholder does not effectively exercise the power of appointment.
(12) "Terms of the instrument" means the manifestation of the intent of the maker of the instrument regarding the instrument's provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding.
(Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22.)
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