Sec. 1336. Application to existing relationships.

283 words·~1 min read·/il/chapter-760/act-3/1336

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as otherwise provided in this Article, on and after the effective date of this Code:

(1)this Article applies to a power of appointment created before, on, or after its

effective date;

(2)this Article applies to a judicial proceeding concerning a power of appointment

commenced on or after its effective date;

(3)this Article applies to a judicial proceeding concerning a power of appointment

commenced before its effective date unless the court finds that application of a particular provision of this Article would substantially interfere with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision of this Article does not apply and the superseded law applies;

(4)a rule of construction or presumption provided in this Article applies to an

instrument executed before the effective date of the Article unless there is a clear indication of a contrary intent in the terms of the instrument; and

(5)an act done before the effective date of this Code is not affected by this Article.

(b)If a right is acquired, extinguished, or barred on the expiration of a prescribed period that commenced under law of this State other than this Article before the effective date of this Code, the law continues to apply to the right.

(c)No trustee is liable to any person in whose favor a power of appointment may have been exercised for any distribution of property made to persons entitled to take in default of the effective exercise of the power of appointment to the extent that the distribution shall have been completed before the effective date of this Code.