Section 3-3.9. Testamentary direction to purchase annuities


Latest version.
  • If  a  testator  directs  in  his will the purchase of an annuity, the
      beneficiaries to whom the income thereof is to be paid may not elect  to
      take  the  capital  sum  directed  to  be  used for the purchase of such
      annuity in lieu thereof, unless the will expressly confers such right or
      except as the will expressly provides for the purchase of an  assignable
      annuity.    But  nothing  contained  herein  shall  impair  the right of
      election by a surviving spouse under 5-1.1 or 5-1.1-A.