Illinois General Assembly - Full Text of HB4697
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Full Text of HB4697  99th General Assembly




HB4697 EnrolledLRB099 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 Enrolled- 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.