(760 ILCS 3/1320)
Sec. 1320. Disposition of unappointed property under released or unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment:
(1) the gift-in-default clause controls the |
| disposition of the unappointed property; or
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(2) if there is no gift-in-default clause or to the
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| extent the clause is ineffective, the unappointed property:
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(A) passes to the permissible appointees if:
(i) the permissible appointees are defined
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(ii) the terms of the instrument creating
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| the power do not manifest a contrary intent; or
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(B) if there is no taker under subparagraph (A),
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| passes under a reversionary interest to the donor or the donor's transferee or successor in interest.
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(Source: P.A. 101-48, eff. 1-1-20 .)
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