(765 ILCS 430/2) (from Ch. 29, par. 8.32)
Sec. 2.
Residential property which is the subject of a land trust may not be
sold under a real estate installment contract unless at the time of
execution of such a contract a full disclosure of the name of the trustee
and the designation of the trust and all of the beneficiaries of the trust
is made by the seller to the contract purchaser and the contract is signed
by the beneficiaries having the power of direction. Each such "real estate
installment contract" shall be deemed to include a provision, whether
actually incorporated in the "real estate installment contract" or not,
that the beneficiaries undertake to convey or cause to be conveyed the real
property which is the subject of the "real estate installment contract" in
accordance with the terms of the "real estate installment contract". Any
violation of this Act renders such a real estate installment contract
voidable at the option of the purchaser.
(Source: P.A. 76-1869.)
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