Illinois Compiled Statutes 760 ILCS 3/1403 – Definitions and terms
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As used in this Article unless the context otherwise requires:
(a) Any reference in this Article to income to be “paid” or to income “payments” or to “receiving” income includes income payable or distributable to or applicable for the benefit of a beneficiary.
(b) “Instrument” means any writing pursuant to which any legal or equitable interest in property or in the income therefrom is affected, disposed of, or created.
(c) “Qualified perpetual trust” means any trust created by any written instrument executed on or after January 1, 1998, including an amendment to an instrument in existence before that date and the exercise of a power of appointment granted by an instrument executed or amended on or after that date:
(1) to which, by the specific terms governing the
(a) Any reference in this Article to income to be “paid” or to income “payments” or to “receiving” income includes income payable or distributable to or applicable for the benefit of a beneficiary.
Terms Used In Illinois Compiled Statutes 760 ILCS 3/1403
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Instrument: means any writing pursuant to which any legal or equitable interest in property or in the income therefrom is affected, disposed of, or created. See Illinois Compiled Statutes 760 ILCS 3/1403
- Trustee: A person or institution holding and administering property in trust.
(b) “Instrument” means any writing pursuant to which any legal or equitable interest in property or in the income therefrom is affected, disposed of, or created.
(c) “Qualified perpetual trust” means any trust created by any written instrument executed on or after January 1, 1998, including an amendment to an instrument in existence before that date and the exercise of a power of appointment granted by an instrument executed or amended on or after that date:
(1) to which, by the specific terms governing the
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trust, the rule against perpetuities does not apply; and
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(2) the power of the trustee (or other person to
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whom the power is properly granted or delegated) to sell property of which is not limited by the trust instrument or any provision of law for any period of time beyond the period of the rule against perpetuities.
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