(765 ILCS 435/5)
Legislative finding; purpose.
(a) The General Assembly finds that the Illinois judiciary system and the
federal judiciary system have unclear court decisions as to whether the holders
of the power of direction have fiduciary duties to the holders of the
beneficial interest in
trusts. The terms "land trust" and "beneficial interest" have the same
meanings as defined in
Section 2 of the Land Trustee as Creditor Act.
(b) It is the purpose of this Act to clarify that
holders of the power of direction are accountable to the holders of the
in land trusts as declaratory of existing law.
(Source: P.A. 91-433, eff. 8-6-99.)