Sec. 1334. Power to withdraw.
86 words·~1 min read·
/il/chapter-760/act-3/1334A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1334. Power to withdraw.
(a)For purposes of Sections 1333 through 1336, and except as otherwise provided in subsection (b), a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw.
(b)A power to withdraw property from a trust ceases to be treated as a presently exercisable general power of appointment upon its lapse, release, or waiver.