(735 ILCS 5/15-1205) (from Ch. 110, par. 15-1205)
Sec. 15-1205.
Land Trust.
"Land trust" means any trust arrangement
under which the legal and equitable title to real estate is held by a
trustee, the interest of the beneficiary of the trust is personal property
and the beneficiary or any person designated in writing by the beneficiary
has (i) the exclusive power to direct or control the trustee in dealing
with the title to the trust property, (ii) the exclusive control of the
management, operation, renting and selling of the trust property and (iii)
the exclusive right to the earnings, avails and proceeds of the trust property.
(Source: P.A. 84-1462.)
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