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IL HB4697
Bill
Status
Passed
7/22/2016
Primary Sponsor
Ann Williams
Click for details
AI Summary
- Establishes the Land Trust Beneficiary Rights Act to protect the rights of land trust beneficiaries when trustees change ownership or control
- Guarantees that beneficial owners' rights remain unchanged and unimpaired when a land trust trustee is replaced through sale, assignment, appointment, or other means
- Prohibits a change of trustee from serving as a bar or defense to court actions filed by or on behalf of either the previous or new trustee
- Applies to trustee changes governed by the Corporate Fiduciary Act, regardless of whether litigation was originally filed in a representative capacity
Legislative Description
LAND TRUST BENEFICIARY RIGHTS
Last Action
Public Act . . . . . . . . . 99-0609
7/22/2016
Committee Referrals
Judiciary4/27/2016
Assignments4/19/2016
Judiciary - Civil2/23/2016
Rules2/5/2016
Full Bill Text
No bill text available