(765 ILCS 430/1) (from Ch. 29, par. 8.31)
Sec. 1.
As used in this Act:
"Land Trust" means any arrangement under which the title, both legal and
equitable, to real property, is held by a trustee and the interest of the
beneficiary is personal property and under which the beneficiary or any
person designated in writing by the beneficiary, has the exclusive power to
direct or control the trustee in dealing with the title and the exclusive
control of the management, operation, renting and selling of the trust
property together with the exclusive right to the earnings, avails and
proceeds of said property is in the beneficiary of the trust.
"Residential property" means any single family residence or multiple
dwelling structure containing 6 or less single dwelling units for 6 or less
family units, living independently of each other.
"Real estate installment contract" means any agreement or contract for a
trustee's or warranty deed, or otherwise, under which the purchase price of
residential property is to be paid in installments over a period in excess
of 5 years with title to the property to be conveyed to the buyer upon his
payment of the purchase price or a specified portion thereof.
(Source: P.A. 76-1869.)
|