Illinois Compiled Statutes > 5 ILCS 312 > Article I – General Provisions
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Terms Used In Illinois Compiled Statutes > 5 ILCS 312 > Article I - General Provisions
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.
- Trustee: A person or institution holding and administering property in trust.