765 ILCS 410/ Land Trust Successor Trustee Act.

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PROPERTY
(765 ILCS 410/) Land Trust Successor Trustee Act.

765 ILCS 410/0.01

(765 ILCS 410/0.01) (from Ch. 148, par. 60)

Sec. 0.01.

Short title.

This Act may be cited as the

Land Trust Successor Trustee Act.

(Source: P.A. 86-1324.)

765 ILCS 410/1

(765 ILCS 410/1) (from Ch. 148, par. 61)

Sec. 1.

Unless the land trust agreement specifically provides for an alternate
method of the appointing of a successor land trustee, the following
provision is applicable to all land trust agreements.

Where the land trust agreement is silent as to the appointment of a
successor trustee in the event of the death, resignation or termination due
to dissolution, of a land trustee, the beneficiary or beneficiaries having
the power of direction of the land trust agreement may appoint a successor
or successors to the trust property by filing a declaration of appointment
of a successor in trust, in the office of the recorder in the
county, in which the trust property is located. Where the title to the
trust property is registered under an Act entitled, "An Act concerning land
titles", approved May 1, 1897, as amended, the declaration
of appointment of a successor in trust may not be filed in the office of
the recorder, but must be filed in the office of the registrar of
titles of the county within which the trust property is situated. Upon the
filing and surrendering to the registrar of titles the outstanding owner's
duplicate certificate of title, and upon its being made to appear to the
registrar of titles that the declaration is in conformity with the
provisions of this Act, the registrar of titles shall cancel the
certificate of title and the original thereof and issue a certificate of
title in the name of the successor trustee.

The declaration must contain:

(1) The legal description of the trust property;

(2) The name and address of the former trustee;

(3) The name and address of the successor in trust;

(4) The names and addresses of the beneficiaries of the trust; and

(5) The names and addresses of the beneficiaries of the trust having the
power of direction. The declaration must be signed by the beneficiaries of
the land trust, having the power of direction and must contain the
acceptance of the successor in trust. The declaration must be acknowledged
in the manner provided for acknowledgment of deeds.

Every successor land trustee appointed is fully vested with all the
estate, properties, rights, powers, trusts, duties and obligations of its,
or his predecessor, except that the successor land trustee shall be under
no duty to inquire into the acts or omissions of a predecessor trustee and
is not liable for any act or failure to act of a predecessor trustee.

(Source: P.A. 83-358.)

765 ILCS 410/2

(765 ILCS 410/2) (from Ch. 148, par. 62)

Sec. 2.

A land trust agreement may provide that the trustee, when directed
to do so by the beneficiaries of the trust or their legal representatives,
may convey the trust property directly to another trustee on behalf of said
beneficiaries, or others named by said beneficiaries.

(Source: P.A. 82-394.)