Illinois Compiled Statutes 745 ILCS 60 — Real Estate Investment Trust Act.

Short title

Short title. This Act may be cited as the Real Estate Investment Trust Act. (Source: P.A. 86-1324.)

For the purposes of this Act "real estate investment trust" means an unincorporated trust or association which complies or intends to comply with Sections 856, 857 and 858 of the Federal Internal Revenue Code of 1954, as amended, or such section or sections of any subsequent Internal Revenue Code as may be applicable t…

The shareholders or beneficiaries of a real estate investment trust shall not, as such, be personally liable for any of its obligations arising after the effective date of this Act, nor shall persons who become shareholders or beneficiaries after the effective date of this Act be personally liable, as such, for obligat…