(760 ILCS 3/1318)
Sec. 1318. Capture doctrine: disposition of ineffectively appointed property under general power. To the extent a powerholder of a general power of appointment, other than a power to revoke, amend, or withdraw property from a trust, makes an ineffective appointment:
(1) the gift-in-default clause controls the disposition of the ineffectively appointed |
|
(2) if there is no gift-in-default clause or to the extent the clause is ineffective,
|
| the ineffectively appointed property:
|
|
(A) passes to:
(i) the powerholder if the powerholder is a permissible appointee and living;
|
|
(ii) if the powerholder is an impermissible appointee or not living, the
|
| powerholder's estate if the estate is a permissible appointee; or
|
|
(B) if there is no taker under subparagraph (A), passes under a reversionary
|
| interest to the donor or the donor's transferee or successor in interest.
|
|
(Source: P.A. 101-48, eff. 1-1-20.)
|