LAND TRUST-FIDUCIARY DUTIES
Synopsis of Bill as introduced:
Creates the Land Trust Fiduciary Duties Act. Provides that
holders of powers of direction over a trust have a fiduciary duty to
and are fully accountable to all the beneficial interests of the
trust. Effective immediately.
HOUSE AMENDMENT NO. 1.
Changes the term "powers of direction" to "the power of direc-
tion". Provides that holders of the power of direction have a fidu-
ciary duty to the holders of the beneficial interests in land trusts
rather than to the beneficial interests of land trusts. Provides that
the Act is declaratory of existing law.
SENATE AMENDMENT NO. 1.
Provides that, in exercising the power of direction, the holders
are presumed to act in a fiduciary capacity (now act in a fiduciary
capacity) for the benefit of all holders of the beneficial interest in
the trust. Provides that the holders are not presumed to act in a
fiduciary capacity for the benefit of all holders of the beneficial
interest in the trust if so provided in the land trust agreement.
Last action on Bill: PUBLIC ACT.............................. 91-0433
Last action date: 99-08-06
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status