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]

Text: Latest bill text (Chaptered) [HTML]

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