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.
760 ILCS 3/1329
Power to contract: presently exercisable power of appointment
Known as the Uniform Powers of Appointment Law
The act spans §§ 760-3-1301 to 760-3-1336 (36 sections).
P.A. 101-48, eff. 1-1-20.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.