Sec. 1403. Definitions and terms.
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/il/chapter-760/act-3/1403A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1403. Definitions and terms. 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 trust, the rule against perpetuities
does not apply; and
(2)the power of the trustee (or other person to 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.