|Public Act 099-0609|
|HB4697 Enrolled||LRB099 17135 HEP 44518 b|
AN ACT concerning civil law.
WHEREAS, The General Assembly finds that banks, trust
companies, and title companies enter into and exit the land
trust business in Illinois on a regular basis; and
WHEREAS, It is, and has always been, in the public interest
to protect the rights of land trust beneficiaries in light of
the changing land trust business; therefore
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
This Act may be cited as the
Trust Beneficiary Rights Act.
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.
Change of trustee not a bar or defense to
A change of trustee pursuant to a sale,
acquisition, or appointment governed by the Corporate