Makeshift Binding

• WWizards of the Coast2024-02-02
  Official Ruling
  If the target creature is an illegal target as Makeshift Binding's ability tries to resolve, it won't resolve and none of its effects will happen. You won't gain life.
• WWizards of the Coast2024-02-02
  Official Ruling
  If Makeshift Binding leaves the battlefield before its triggered ability resolves, the target creature won't be exiled, but you'll still gain 2 life.

Rulings via Scryfall