97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1112
 
Introduced 2/8/2011, by Sen. John J. Cullerton
 
SYNOPSIS AS INTRODUCED:
 


765 ILCS 405/2  from Ch. 148, par. 72

    Amends the Land Trust Beneficial Interest Disclosure Act.  Makes a technical
change in a Section concerning disclosure in applications.



LRB097 04826 AJO 44865 b

 
 
A BILL FOR
 


SB1112LRB097 04826 AJO 44865 b



1    AN ACT concerning civil law.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 

 
4    Section 5. The Land Trust Beneficial Interest Disclosure 
5Act is amended by changing Section 2 as follows:
 



6    (765 ILCS 405/2)  (from Ch. 148, par. 72)



7    Sec. 2. 
Whenever any trustee of a land trust, or any 
8beneficiary or
beneficiaries of a land trust, make application 
9to the
the State of Illinois or
to any of its agencies or 
10political subdivisions for any benefit,
authorization, license 
11or permit, relating to the land which is the subject
of such 
12trust, any interest therein, improvements thereto, or use 
13thereof,
such application shall identify each beneficiary of 
14such land trust by name
and address and define his interest 
15therein.
Each beneficiary shall be identified, regardless of 
16the size of the
beneficiary's interest in the land trust.  
17During the term of the lease, the
trustee shall file 
18supplements to the application identifying (by name,
address, 
19and interest) each beneficiary added or deleted.  A beneficiary

20identified in an application or supplement shall not be a 
21nominee for another
individual or entity.  The application also

22shall specify whether the land trust currently owns the 
23property that is the
subject of the lease.
 
 
SB1112- 2 -LRB097 04826 AJO 44865 b

1    All such applications and supplements shall be
verified by 
2the applicant in his capacity as trustee, or by the beneficiary

3as a beneficial owner of an interest in such land trust. If 
4such
application or supplement is filed by a body politic or 
5other corporate
entity it shall be
verified by a duly 
6authorized officer of such body politic or other
corporate 
7entity for whom the application is made.

8    If an application or supplement is with respect to a lease 
9of property to
the State, the application or supplement shall 
10be filed with the head of the
appropriate State agency at least 
1130 days before the lease is executed.

12(Source: P.A. 88-174.)