Bill Text: IL HB4697 | 2015-2016 | 99th General Assembly | Chaptered

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Bill Title: Creates the Land Trust Beneficiary Rights Act. Provides that if the identity of the trustee of a land trust has been changed by virtue of sale, assignment, appointment, or otherwise, but the beneficial owner or owners of the land trust remain unchanged, the rights of the beneficial owner or owners shall in no way be impaired by the change of trustees. Provides that a change of trustees pursuant to a sale, acquisition, or appointment governed by the Corporate Fiduciaries Act is not a bar or defense to any pending court action filed by or in the name of either the previous trustee or the new trustee, irrespective of whether the court action was originally filed in a representative capacity on behalf of the beneficial owner or owners.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2016-07-22 - Public Act . . . . . . . . . 99-0609 [HB4697 Detail]

Download: Illinois-2015-HB4697-Chaptered.html

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Public Act 099-0609
HB4697 Enrolled LRB099 17135 HEP 44518 b
AN ACT concerning civil law.
WHEREAS, The General Assembly finds that banks, trust
companies, and title companies enter into and exit the land
trust business in Illinois on a regular basis; and
WHEREAS, It is, and has always been, in the public interest
to protect the rights of land trust beneficiaries in light of
the changing land trust business; therefore
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Land
Trust Beneficiary Rights Act.
Section 5. Land trust beneficiary rights. If the identity
of the trustee of a land trust has been changed by virtue of
sale, assignment, appointment, or otherwise, but the
beneficial owner or owners of the land trust remain unchanged,
the rights of the beneficial owner or owners shall in no way be
impaired by the change of trustees.
Section 10. Change of trustee not a bar or defense to
litigation. A change of trustee pursuant to a sale,
acquisition, or appointment governed by the Corporate

Fiduciary Act is not a bar or defense to any court action filed
by or in the name of either the previous trustee or the new
trustee, irrespective of whether the court action was
originally filed in a representative capacity on behalf of the
beneficial owner or owners.