(765 ILCS 415/2) (from Ch. 148, par. 82)
Sec. 2.
If a debt is secured by a security interest in a beneficial
interest in a land trust or by a mortgage on land trust property, neither
the validity or enforceability of the debt, security interest or mortgage
nor the rights, remedies, powers and duties of the creditor with respect
to the debt or the security shall be affected by the fact that the creditor
and the trustee are the same person, and the creditor may extend credit,
obtain such security interest or mortgage, and acquire and deal with the
property comprising
the security as though the creditor were not the trustee. The terms "land
trust" and "beneficial interest" shall mean the following:
(a) "Land trust" means any express agreement or arrangement whereof a
use, confidence or trust is declared of any land, or of any charge upon
land, for the use or benefit of any beneficiary, under which the title to
real property, both legal and equitable, is held by a trustee, subject only
to the execution of the trust, which may be enforced by the beneficiaries
who have the exclusive right to manage and control the real estate, to have
possession thereof, to receive the net proceeds from the rental, sale, hypothecation
or other disposition thereof, and under
which the interest of the beneficiary is personal property only.
(b) "Beneficial interest" means any interest, regardless of how small
or minimal such interest may be, in a land trust, held by a trustee for
the benefit of beneficiaries of such land trust.
(Source: P.A. 82-891.)
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