(760 ILCS 3/1333)
Sec. 1333. 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 | ||
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(2) the powerholder's estate if the power is | ||
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(b) Subject to subsection (c) of Section 1335, a power of appointment created by a person other than the powerholder that is subject to an ascertainable standard relating to an individual's health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) of the Internal Revenue Code or Section 2514(c)(1) of the Internal Revenue Code, as amended, is treated for purposes of this Article as a nongeneral power.
(Source: P.A. 101-48, eff. 1-1-20 .) |