Illinois Compiled Statutes 760 ILCS 3/1227 – Obligations
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Terms Used In Illinois Compiled Statutes 760 ILCS 3/1227
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against that property when held by the second trust after exercise of the decanting power.