765 ILCS 407/ Land Trust Beneficiary Rights Act.

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

765 ILCS 407/1

(765 ILCS 407/1)

Sec. 1. Short title. This Act may be cited as the Land Trust Beneficiary Rights Act.

(Source: P.A. 99-609, eff. 1-1-17.)

765 ILCS 407/5

(765 ILCS 407/5)

Sec. 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.

(Source: P.A. 99-609, eff. 1-1-17.)

765 ILCS 407/10

(765 ILCS 407/10)

Sec. 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.

(Source: P.A. 99-609, eff. 1-1-17.)