HB4697 EngrossedLRB099 17135 HEP 44518 b


  
1    AN ACT concerning civil law.
  
 
2    WHEREAS, The General Assembly finds that banks, trust 
3companies, and title companies enter into and exit the land 
4trust business in Illinois on a regular basis; and
 
5    WHEREAS, It is, and has always been, in the public interest 
6to protect the rights of land trust beneficiaries in light of 
7the changing land trust business; therefore
 
8    Be it enacted by the People of the State of Illinois,
 
9represented in the General Assembly:
  
 
 
10    Section 1. Short title. This Act may be cited as the Land 
11Trust Beneficiary Rights Act.
  
 
12    Section 5. Land trust beneficiary rights.  If the identity 
13of the trustee of a land trust has been changed by virtue of 
14sale, assignment, appointment, or otherwise, but the 
15beneficial owner or owners of the land trust remain unchanged, 
16the rights of the beneficial owner or owners shall in no way be 
17impaired by the change of trustees.
 
18    Section 10. Change of trustee not a bar or defense to 
19litigation.  A change of trustee pursuant to a sale, 
20acquisition, or appointment governed by the Corporate 
 
 
HB4697 Engrossed- 2 -LRB099 17135 HEP 44518 b

1Fiduciary Act is not a bar or defense to any court action filed 
2by or in the name of either the previous trustee or the new 
3trustee, irrespective of whether the court action was 
4originally filed in a representative capacity on behalf of the 
5beneficial owner or owners.