Illinois General Assembly - Full Text of HB4697
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Full Text of HB4697  99th General Assembly


Rep. Elaine Nekritz

Filed: 3/24/2016





09900HB4697ham001LRB099 17135 HEP 46526 a


2    AMENDMENT NO. ______. Amend House Bill 4697 immediately
3above the enacting clause, by inserting the following:
4    "WHEREAS, The General Assembly finds that banks, trust
5companies, and title companies enter into and exit the land
6trust business in Illinois on a regular basis; and
7    "WHEREAS, It is, and has always been, in the public
8interest to protect the rights of land trust beneficiaries in
9light of the changing land trust business; therefore"; and
10by replacing everything after the enacting clause with the
12    "Section 1. Short title. This Act may be cited as the Land
13Trust Beneficiary Rights Act.



09900HB4697ham001- 2 -LRB099 17135 HEP 46526 a

1    Section 5. Land trust beneficiary rights. If the identity
2of the trustee of a land trust has been changed by virtue of
3sale, assignment, appointment, or otherwise, but the
4beneficial owner or owners of the land trust remain unchanged,
5the rights of the beneficial owner or owners shall in no way be
6impaired by the change of trustees.
7    Section 10. Change of trustee not a bar or defense to
8litigation. A change of trustee pursuant to a sale,
9acquisition, or appointment governed by the Corporate
10Fiduciary Act is not a bar or defense to any court action filed
11by or in the name of either the previous trustee or the new
12trustee, irrespective of whether the court action was
13originally filed in a representative capacity on behalf of the
14beneficial owner or owners.".