Bill Text: IL HB4697 | 2015-2016 | 99th General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Enrolled.html
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-Enrolled.html
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| 1 | AN ACT concerning civil law.
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| 2 | WHEREAS, The General Assembly finds that banks, trust | ||||||
| 3 | companies, and title companies enter into and exit the land | ||||||
| 4 | trust business in Illinois on a regular basis; and
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| 5 | WHEREAS, It is, and has always been, in the public interest | ||||||
| 6 | to protect the rights of land trust beneficiaries in light of | ||||||
| 7 | the changing land trust business; therefore
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| 8 | Be it enacted by the People of the State of Illinois,
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| 9 | represented in the General Assembly:
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| 10 | Section 1. Short title. This Act may be cited as the Land | ||||||
| 11 | Trust Beneficiary Rights Act.
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| 12 | Section 5. Land trust beneficiary rights. If the identity | ||||||
| 13 | of the trustee of a land trust has been changed by virtue of | ||||||
| 14 | sale, assignment, appointment, or otherwise, but the | ||||||
| 15 | beneficial owner or owners of the land trust remain unchanged, | ||||||
| 16 | the rights of the beneficial owner or owners shall in no way be | ||||||
| 17 | impaired by the change of trustees.
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| 18 | Section 10. Change of trustee not a bar or defense to | ||||||
| 19 | litigation. A change of trustee pursuant to a sale, | ||||||
| 20 | acquisition, or appointment governed by the Corporate | ||||||
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| 1 | Fiduciary Act is not a bar or defense to any court action filed | ||||||
| 2 | by or in the name of either the previous trustee or the new | ||||||
| 3 | trustee, irrespective of whether the court action was | ||||||
| 4 | originally filed in a representative capacity on behalf of the | ||||||
| 5 | beneficial owner or owners.
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