Illinois General Assembly - Illinois Compiled Statutes

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765 ILCS 405/1

(765 ILCS 405/1) (from Ch. 148, par. 71)

Sec. 1.

Definitions.

As used in this Act:

"Beneficial interest" means any interest, regardless of how small or
minimal such interest may be, in a land trust, held by a trustee for the
benefit of beneficiaries of such land trust.

"Beneficiary" means any person, body politic, corporate or other entity
having a beneficial interest in a land trust.

"Land trust" means any express agreement or arrangement whereof a use,
confidence or trust is declared of any land, or of any charge upon land,
for the use or benefit of any beneficiary, under which the title to real
property, both legal and equitable, is held by a trustee, subject only to
the execution of the trust, which may be enforced by the beneficiaries who
have the exclusive right to manage and control the real estate, to have the
possession thereof, to receive the net proceeds from the rental, sale,
hypothecation or other disposition thereof, and under which the interest of
the beneficiary is personal property only.

(Source: P.A. 78-903.)