765 ILCS 325/ Termination of Powers Act.
(765 ILCS 325/0.01) (from Ch. 30, par. 176.90) Sec. 0.01. Short title. This Act may be cited as the Termination of Powers Act. (Source: P.A. 86‑1324.) |
(765 ILCS 325/1) (from Ch. 30, par. 177) Sec. 1. Definitions. When used in this Act unless the context otherwise requires: (a) "Power" includes any power of appointment, any power to invade property, any power to alter, amend or revoke any instrument under which an estate or trust is held or created or to terminate any right or interest thereunder, and any power remaining where one or more partial releases have heretofore or hereafter been made with respect to a power, whether heretofore or hereafter created or reserved, whether vested, contingent or conditional, and whether classified in law or known as a power in gross, a power appendant, a power appurtenant, a collateral power, a general, special or limited power, an exclusive or non‑exclusive power, or otherwise, and irrespective of when, in what manner, or in whose favor, it may be exercised. (b) "Donee" means any person whether resident or non‑resident of this State who, either alone or with another has a power. (c) "Objects" when used in connection with a power means the persons in whose favor the power may be exercised. (d) "Property" when used in connection with a power means any and all property, whether real or personal, any and all interest in property, and any and all income from property, which is subject to the power, and includes any part of the property, any part of the interest in property, and any part of the income from property. (e) "Release" means renunciation, relinquishment, surrender, refusal to accept, extinguishment, and any other form of release. (Source: Laws 1943, vol. 1, p. 6.) |
(765 ILCS 325/2) (from Ch. 30, par. 178) Sec. 2. Right to release. The donee of a power may: (a) At any time completely release his power. (b) At any time or times release his powers; (1) As to any property which is subject thereto; (2) As to any one or more of the objects thereof; or (3) So as to limit in any other respect the extent to which it may be exercised. (Source: Laws 1943, vol. 1, p. 6.) |
(765 ILCS 325/3) (from Ch. 30, par. 179) Sec. 3. Manner of effecting release. A release of a power whether complete or partial is effective when the donee thereof signs an instrument in writing evidencing an intent to make the release and delivers, or causes to be delivered, the instrument, either: (a) To an adult person who might take any of the property which is subject to the power in the event of its non‑exercise. (b) To any Trustee or any Co‑Trustee of the property which is subject to the power; or (c) To the recorder of the County in which any of the property is located or in which the donee resides, and in such case the same shall be recorded by the recorder. (Source: Laws 1943, vol. 1, p. 6.) |
(765 ILCS 325/4) (from Ch. 30, par. 180) Sec. 4. Release heretofore made. A release of a power executed prior to the effective date of this Act has the same effect as if this Act had been in effect at the time the release was executed and delivered. (Source: Laws 1943, vol. 1, p. 6.) |
(765 ILCS 325/5) (from Ch. 30, par. 181) Sec. 5. Right of release not exclusive. The rights and means provided for in this Act for the release of a power are not exclusive, but are in addition to all other rights and means of a donee to release a power in whole or in part. (Source: Laws 1943, vol. 1, p. 6.) |
(765 ILCS 325/6) (from Ch. 30, par. 182) Sec. 6. Severability. If any provision of this Act or the application thereof is held invalid, such invalidity shall not affect the other provisions or applications of the Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are declared to be severable. (Source: Laws 1943, vol. 1, p. 6.) |