2018 Illinois Compiled Statutes
Chapter 760 - TRUSTS AND FIDUCIARIES
760 ILCS 105/ - Uniform Powers of Appointment Act.
Article 4 - Disclaimer Of Release; Contract To Appoint Or Not To Appoint

(760 ILCS 105/Art. 4 heading)

(760 ILCS 105/401)
Sec. 401. Disclaimer. As provided by Section 2-7 of the Probate Act of 1975:
(1) A powerholder may disclaim all or part of a

power of appointment.

(2) A permissible appointee, appointee, or taker in

default of appointment may disclaim all or part of an interest in appointive property.

(Source: P.A. 100-1044, eff. 1-1-19.)

(760 ILCS 105/402)
Sec. 402. Authority to release. A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release.
(Source: P.A. 100-1044, eff. 1-1-19.)

(760 ILCS 105/403)
Sec. 403. Method of release. A powerholder of a releasable power of appointment may release the power in whole or in part:
(1) by substantial compliance with a method provided

in the terms of the instrument creating the power; or

(2) if the terms of the instrument creating the

power do not provide a method or the method provided in the terms of the instrument is not expressly made exclusive, by an instrument manifesting the powerholder's intent by clear and convincing evidence.

(Source: P.A. 100-1044, eff. 1-1-19.)

(760 ILCS 105/404)
Sec. 404. Revocation or amendment of release. A powerholder may revoke or amend a release of a power of appointment only to the extent that:
(1) the instrument of release is revocable by the

powerholder; or

(2) the powerholder reserves a power of revocation

or amendment in the instrument of release.

(Source: P.A. 100-1044, eff. 1-1-19.)

(760 ILCS 105/405)
Sec. 405. Power to contract: presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract:
(1) not to exercise the power; or
(2) to exercise the power if the contract when made

does not confer a benefit on an impermissible appointee.

(Source: P.A. 100-1044, eff. 1-1-19.)

(760 ILCS 105/406)
Sec. 406. Power to contract: power of appointment not presently exercisable. A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder:
(1) is also the donor of the power; and
(2) has reserved the power in a revocable trust.
(Source: P.A. 100-1044, eff. 1-1-19.)

(760 ILCS 105/407)
Sec. 407. Remedy for breach of contract to appoint or not to appoint. The remedy for a powerholder's breach of a contract to appoint or not to appoint is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract.
(Source: P.A. 100-1044, eff. 1-1-19.)