Illinois Statutes
§ 15-1205 — Land Trust
Illinois·Topic RIGHTS AND REMEDIES·Ch. 735 CIVIL PROCEDURE·Act 735 ILCS 5/ Code of Civil Procedure.·Art. Article XV - Mortgage Foreclosure
"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.
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Legislative History
(Source: P.A. 84-1462.)
Nearby Sections
15
§ 15
Applicability§ 15-1101
Title§ 15-1102
Enforcement§ 15-1103
Jurisdiction§ 15-1104
Wrongful Inducement of Abandonment§ 15-1105
Interpretation§ 15-1106
Applicability of Article§ 15-1107
Mode of Procedure§ 15-1108
§ 15-1108§ 15-1200.5
Abandoned residential property§ 15-1200.7
Abandoned residential property; exceptions§ 15-1201
Agricultural Real Estate§ 15-1202.5
Dwelling unit