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Rep. Elaine Nekritz
Filed: 3/24/2016
| | 09900HB4697ham001 | | LRB099 17135 HEP 46526 a |
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| 1 | | AMENDMENT TO HOUSE BILL 4697
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| 2 | | AMENDMENT NO. ______. Amend House Bill 4697 immediately |
| 3 | | above the enacting clause, by inserting the following:
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| 4 | | "WHEREAS, The General Assembly finds that banks, trust |
| 5 | | companies, and title companies enter into and exit the land |
| 6 | | trust business in Illinois on a regular basis; and
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| 7 | | "WHEREAS, It is, and has always been, in the public |
| 8 | | interest to protect the rights of land trust beneficiaries in |
| 9 | | light of the changing land trust business; therefore"; and
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| 10 | | by replacing everything after the enacting clause with the |
| 11 | | following:
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| 12 | | "Section 1. Short title. This Act may be cited as the Land |
| 13 | | Trust Beneficiary Rights Act.
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| | 09900HB4697ham001 | - 2 - | LRB099 17135 HEP 46526 a |
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| 1 | | Section 5. Land trust beneficiary rights. If the identity |
| 2 | | of the trustee of a land trust has been changed by virtue of |
| 3 | | sale, assignment, appointment, or otherwise, but the |
| 4 | | beneficial owner or owners of the land trust remain unchanged, |
| 5 | | the rights of the beneficial owner or owners shall in no way be |
| 6 | | impaired by the change of trustees.
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| 7 | | Section 10. Change of trustee not a bar or defense to |
| 8 | | litigation. A change of trustee pursuant to a sale, |
| 9 | | acquisition, or appointment governed by the Corporate |
| 10 | | Fiduciary Act is not a bar or defense to any court action filed |
| 11 | | by or in the name of either the previous trustee or the new |
| 12 | | trustee, irrespective of whether the court action was |
| 13 | | originally filed in a representative capacity on behalf of the |
| 14 | | beneficial owner or owners.".
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