Sec. 1506. Application to existing relationships.
292 words·~1 min read·
/il/chapter-760/act-3/1506A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1506. Application to existing relationships. Except as otherwise provided in this Code, on the effective date of this Code:
(1)This Code applies to all trusts created before, on, or after its effective date.
(2)This Code applies to all judicial proceedings concerning trusts commenced on or
after its effective date. As used in this Section, "judicial proceedings" includes any proceeding before a court or administrative tribunal of this State and any arbitration or mediation proceedings.
(3)This Code applies to all nonjudicial matters concerning trusts commenced before,
on, or after its effective date. As used in this Section, "nonjudicial matters" includes, but is not limited to, nonjudicial settlement agreements entered into under Section 111 and the grant of any consent, release, ratification, or indemnification.
(4)This Code applies to judicial proceedings concerning trusts commenced before its
effective date unless the court finds that application of a particular provision of this Code would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this Code does not apply and the superseded law applies.
(5)Any rule of construction or presumption provided in this Code applies to trust
instruments executed before the effective date of this Code unless there is a clear indication of a contrary intent in the trust instrument.
(6)An act done before the effective date of this Code is not affected by this Code.
(7)If a right is acquired, extinguished, or barred upon the expiration of a prescribed
period that has commenced to run under any other statute before the effective date of this Code, that statute continues to apply to the right even if it has been repealed or superseded.
(8)(Blank).