Public Act 099-0609
 
HB4697 EnrolledLRB099 17135 HEP 44518 b


  
    AN ACT concerning civil law.
  
 
    WHEREAS, The General Assembly finds that banks, trust 
companies, and title companies enter into and exit the land 
trust business in Illinois on a regular basis; and
 
    WHEREAS, It is, and has always been, in the public interest 
to protect the rights of land trust beneficiaries in light of 
the changing land trust business; therefore
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 1. Short title. This Act may be cited as the Land 
Trust Beneficiary Rights Act.
  
 
    Section 5. Land trust beneficiary rights.  If the identity 
of the trustee of a land trust has been changed by virtue of 
sale, assignment, appointment, or otherwise, but the 
beneficial owner or owners of the land trust remain unchanged, 
the rights of the beneficial owner or owners shall in no way be 
impaired by the change of trustees.
 
    Section 10. Change of trustee not a bar or defense to 
litigation.  A change of trustee pursuant to a sale, 
acquisition, or appointment governed by the Corporate 
Fiduciary Act is not a bar or defense to any court action filed 
by or in the name of either the previous trustee or the new 
trustee, irrespective of whether the court action was 
originally filed in a representative capacity on behalf of the 
beneficial owner or owners.