Sec. 1203. Scope.
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/il/chapter-760/act-3/1203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1203. Scope.
(a)Except as otherwise provided in subsections
(b)and (c), this Article applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.
(b)This Article does not apply to a trust held solely for charitable purposes.
(c)Subject to Section 1215, a trust instrument may restrict or prohibit exercise of the decanting power.
(d)This Article does not limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, law of this State other than this Article, common law, a court order, or a nonjudicial settlement agreement.
(e)This Article does not affect the ability of a settlor to provide in a trust instrument for the distribution or appointment in further trust of the trust property or for modification of the trust instrument.