(765 ILCS 420/2) (from Ch. 30, par. 802)
Sec. 2.
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.
"Land trust" means any express agreement or arrangement whereby 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 legal title to real
property is held by a trustee, 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. 84-858.)
|