(765 ILCS 420/3) (from Ch. 30, par. 803)
Sec. 3.
Every trustee of a land trust who accepts
any instrument which transfers the beneficial interest under such trust
after January 1, 1986, other than trust documents relating
to land situated in counties with a population of 2,000,000 or less which
secure debt or other obligation or when the actual consideration is less
than $100, shall record the instrument or a
facsimile thereof with the Recorder of Deeds or Registrar of Titles of the
county in which the real estate that is the subject of the trust is located.
Such document shall be recorded in the same manner as a deed for such real
estate would be recorded or registered within 60 days after the trustee
accepts the instrument which transfers such beneficial interest. Any
document which is to be recorded pursuant to this Section may be altered so as
to delete or omit the name of any or all parties named in the instrument
and may be modified in any other reasonable manner to prevent the
disclosure of the identity of such parties.
If the county board of a county adopts an ordinance imposing a tax upon
the privilege of transferring a beneficial interest in a land trust, no
transfer of a beneficial interest in any land trust shall be operative until
such time as there is compliance with the county
ordinance imposing the transfer tax.
(Source: P.A. 85-1209.)
|