House Sponsors: CROSS-MATHIAS. Senate Sponsors: PETKA Short description: LAND TRUST-FIDUCIARY DUTIES Synopsis of Bill as introduced: Creates the Land Trust Fiduciary Duties Act. Provides that holders of powers of direction over a trust have a fiduciary duty to and are fully accountable to all the beneficial interests of the trust. Effective immediately. HOUSE AMENDMENT NO. 1. Changes the term "powers of direction" to "the power of direc- tion". Provides that holders of the power of direction have a fidu- ciary duty to the holders of the beneficial interests in land trusts rather than to the beneficial interests of land trusts. Provides that the Act is declaratory of existing law. SENATE AMENDMENT NO. 1. Provides that, in exercising the power of direction, the holders are presumed to act in a fiduciary capacity (now act in a fiduciary capacity) for the benefit of all holders of the beneficial interest in the trust. Provides that the holders are not presumed to act in a fiduciary capacity for the benefit of all holders of the beneficial interest in the trust if so provided in the land trust agreement. Last action on Bill: PUBLIC ACT.............................. 91-0433 Last action date: 99-08-06 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status