Chapter 765 — PROPERTY

(765 ILCS 330/5a) (from Ch. 30, par. 37f.1) Sec. 5a. If by reason of a possibility of reverter created more than 40 years prior to the effective date of this amendatory Act, a reverter has come into existence prior to the time of the effective date of this amendatory Act, no pers…

(765 ILCS 330/5b) (from Ch. 30, par. 37f.2) Sec. 5b. This amendatory Act of 1959, reducing from 50 to 40 years the period referred to in Section 4 and adding Section 5a shall not be held to revive any possibility of reverter or rights of entry or re-entry for breach of condition …

(765 ILCS 330/6) (from Ch. 30, par. 37g) Sec. 6. This Act does not invalidate or affect (1) a conveyance made for the purpose of releasing or extinguishing a possibility of reverter or right of entry or re-entry: (2) A right of entry or the transfer of a right of entry for defaul…

(765 ILCS 330/7) (from Ch. 30, par. 37h) Sec. 7. If any provision of this Act or the application of any provision thereto to any property, person, or circumstances is held to be invalid, such provision as to such property, person or circumstances shall be deemed to be excised fro…

(765 ILCS 335/0.01) (from Ch. 30, par. 38.9) Sec. 0.01. Short title. This Act may be cited as the Surrender or Merger of Reversion Act. (Source: P.A. 86-1324.)

(765 ILCS 335/1) (from Ch. 30, par. 39) Sec. 1. When the reversion expectant on a lease, made either before or after the passing of this act, of tenements or hereditaments of any tenure, shall be surrendered or merged, the estate, which shall for the time being confer as against …

(765 ILCS 340/0.01) (from Ch. 30, par. 39.9) Sec. 0.01. Short title. This Act may be cited as the Contingent Remainder Act. (Source: P.A. 86-1324.)

(765 ILCS 340/1) (from Ch. 30, par. 40) Sec. 1. No future interest shall fail or be defeated by the determination of any precedent estate or interest prior to the happening of the event or contingency on which the future interest is limited to take effect. (Source: P.A. 84-1308.)…

(765 ILCS 345/0.01) (from Ch. 30, par. 185.9) Sec. 0.01. Short title. This Act may be cited as the Rule in Shelley's Case Abolishment Act. (Source: P.A. 86-1324.)

(765 ILCS 345/1) (from Ch. 30, par. 186) Sec. 1. The rule of property known as the rule in Shelley's Case is abolished. (Source: Laws 1953, p. 1479.)

(765 ILCS 345/2) (from Ch. 30, par. 187) Sec. 2. This Act shall apply only to wills of decedents dying after the effective date of this Act and to deeds, agreements and other written instruments executed and delivered after the effective date of this Act. (Source: Laws 1953, p. 1…

(765 ILCS 350/0.01) (from Ch. 30, par. 187.9) Sec. 0.01. Short title. This Act may be cited as the Doctrine of Worthier Title Abolishment Act. (Source: P.A. 86-1324.)

(765 ILCS 350/1) (from Ch. 30, par. 188) Sec. 1. Where a deed, will or other instrument purports to create any present or future interest in real or personal property in the heirs of the maker of the instrument, the heirs shall take, by purchase and not by descent, the interest t…

(765 ILCS 350/2) (from Ch. 30, par. 189) Sec. 2. This Act shall apply only to instruments which become effective after the effective date of this Act. (Source: Laws 1955, p. 498.)

(765 ILCS 405/0.01) (from Ch. 148, par. 70) Sec. 0.01. Short title. This Act may be cited as the Land Trust Beneficial Interest Disclosure Act. (Source: P.A. 86-1324.)

(765 ILCS 405/1) (from Ch. 148, par. 71) Sec. 1. Definitions. As used in this Act: "Beneficial interest" means any interest, regardless of how small or minimal such interest may be, in a land trust, held by a trustee for the benefit of beneficiaries of such land trust. "Beneficia…

(765 ILCS 405/2) (from Ch. 148, par. 72) Sec. 2. Whenever any trustee of a land trust, or any beneficiary or beneficiaries of a land trust, make application to the State of Illinois or to any of its agencies or political subdivisions for any benefit, authorization, license or per…

(765 ILCS 405/2.1) (from Ch. 148, par. 72.1) Sec. 2.1. (a) No grant funds shall be paid to any trustee of a land trust, or any beneficiary or beneficiaries of a land trust, for any purpose relating to the land which is the subject of such trust, any interest in such land, improve…

(765 ILCS 405/3) (from Ch. 148, par. 73) Sec. 3. False verification - Perjury. Whoever, in swearing to, or affirming, an application or statement as required under this Act, makes a false statement as to the identification of beneficiaries of a land trust, or which is material to…

(765 ILCS 407/1) Sec. 1. Short title. This Act may be cited as the Land Trust Beneficiary Rights Act. (Source: P.A. 99-609, eff. 1-1-17.)

(765 ILCS 407/10) Sec. 10. Change of trustee not a bar or defense to litigation. A change of trustee pursuant to a sale, acquisition, or appointment governed by the Corporate Fiduciary Act is not a bar or defense to any court action filed by or in the name of either the previous …

(765 ILCS 407/5) Sec. 5. Land trust beneficiary rights. If the identity of the trustee of a land trust has been changed by virtue of sale, assignment, appointment, or otherwise, but the beneficial owner or owners of the land trust remain unchanged, the rights of the beneficial ow…

(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) (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 sile…

(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…

(765 ILCS 415/0.01) (from Ch. 148, par. 80) Sec. 0.01. Short title. This Act may be cited as the Land Trustee as Creditor Act. (Source: P.A. 86-1324.)

(765 ILCS 415/1) (from Ch. 148, par. 81) Sec. 1. (a) The General Assembly finds: (1) For a number of years, the State of Illinois has recognized a real estate trust commonly known as a "land trust"; (2) This legislature has recognized the existence of land trusts and provided for…

(765 ILCS 415/2) (from Ch. 148, par. 82) Sec. 2. If a debt is secured by a security interest in a beneficial interest in a land trust or by a mortgage on land trust property, neither the validity or enforceability of the debt, security interest or mortgage nor the rights, remedie…

(765 ILCS 415/3) (from Ch. 148, par. 83) Sec. 3. The fact that a trustee of a land trust is or becomes a secured or unsecured creditor of the land trust, the beneficiaries of the land trust, or a third party whose debt to such creditor is guaranteed by a beneficiary of the land t…

(765 ILCS 415/4) (from Ch. 148, par. 84) Sec. 4. This Act applies to all security interests in a beneficial interest in land trusts and all mortgages on land trust property and to all debts secured thereby, whether arising before, on, or after the effective date of this Act. (Sou…

(765 ILCS 420/1) (from Ch. 30, par. 801) Sec. 1. This Act shall be known and may be cited as the Land Trust Recordation and Transfer Tax Act. (Source: P.A. 84-858.)

(765 ILCS 420/2) (from Ch. 30, par. 802) Sec. 2. As used in this Act: "Beneficial interest" means any interest, regardless of how small or minimal such interest may be, in a land trust, held by a trustee for the benefit of beneficiaries of such land trust. "Land trust" means any …

(765 ILCS 420/3) (from Ch. 30, par. 803) Sec. 3. Every trustee of a land trust who accepts any instrument which transfers the beneficial interest under such trust after January 1, 1986, other than trust documents relating to land situated in counties with a population of 2,000,00…

(765 ILCS 420/4) (from Ch. 30, par. 804) Sec. 4. Any trustee who knowingly violates this Act is guilty of a Class C misdemeanor and shall be liable to the State and any unit of local government for any taxes which would have been payable to the State or the unit of local governme…

(765 ILCS 425/0.01) (from Ch. 80, par. 80) Sec. 0.01. Short title. This Act may be cited as the Building Law Violation Ownership Disclosure Act. (Source: P.A. 86-1324.)

(765 ILCS 425/1) (from Ch. 80, par. 81) Sec. 1. A trustee who pursuant to a trust instrument has title to but no beneficial interest in real property, or a managing agent for real property within 10 days after receipt (by such trustee or a beneficiary empowered or an agent author…

(765 ILCS 425/1.1) (from Ch. 80, par. 81.1) Sec. 1.1. (1) In any case in which a property has been damaged or destroyed by fire, any fire inspector or other local officer charged with the duty of investigating fires, who has reason to believe that the damage or destruction was ca…

(765 ILCS 425/2) (from Ch. 80, par. 82) Sec. 2. Notwithstanding any exculpatory provision in the trust instrument or management agreement, a trustee, managing agent or any other person who violates this Act shall be guilty of a petty offense and fined $100 for each day of such vi…

(765 ILCS 430/0.01) (from Ch. 29, par. 8.30) Sec. 0.01. Short title. This Act may be cited as the Sale of Residential Property Subject to Land Trust Act. (Source: P.A. 86-1324.)

(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 beneficia…

(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…

(765 ILCS 435/1) Sec. 1. Short title. This Act may be cited as the Land Trust Fiduciary Duties Act. (Source: P.A. 91-433, eff. 8-6-99.)

(765 ILCS 435/10) Sec. 10. Holders of the power of direction; definition. "Holders of the power of direction" means the persons or entities having the authority to direct the trustee to convey, execute a mortgage, distribute proceeds of sale or financing, and execute documents in…

(765 ILCS 435/15) Sec. 15. Fiduciary duties of holders of the power of direction. The power of direction, unless provided otherwise in the land trust agreement, is conferred upon the holders thereof for the use and benefit of all of the holders of the beneficial interest in the l…

(765 ILCS 435/20) Sec. 20. Application of Act. This Act is declaratory of existing law and is intended to remove any possible conflicts or ambiguities, thereby confirming the existing law pertinent to land trusts and shall apply to all land trusts in effect before, on, or after t…

(765 ILCS 435/5) Sec. 5. Legislative finding; purpose. (a) The General Assembly finds that the Illinois judiciary system and the federal judiciary system have unclear court decisions as to whether the holders of the power of direction have fiduciary duties to the holders of the b…

(765 ILCS 435/99) Sec. 99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 91-433, eff. 8-6-99.)

(765 ILCS 505/0.01) (from Ch. 96 1/2, par. 150) Sec. 0.01. Short title. This Act may be cited as the Mining Act of 1874. (Source: P.A. 86-1324.)

(765 ILCS 505/1) (from Ch. 96 1/2, par. 151) Sec. 1. Making drains, roads or railroads - Eminent domain. Whenever any mine or mining place shall be so situated that it cannot be conveniently worked without a road or railroad thereto, or ditch to drain the same or to convey water …

(765 ILCS 505/1.5) Sec. 1.5. Eminent domain. Notwithstanding any other provision of this Act, any power granted under this Act to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act. (Source: P.A. 94-…