2021 Illinois Compiled Statutes
Chapter 765 - PROPERTY
765 ILCS 407/ - Land Trust Beneficiary Rights Act.
(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)
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)
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.)
