765 ILCS 410/0.01
Short title
Short title. This Act may be cited as the Land Trust Successor Trustee Act. (Source: P.A. 86-1324.)
Illinois Compiled Statutes 765 ILCS 410 — Land Trust Successor Trustee Act.
Illinois · statute · 765 ILCS 410 · 3 active provisions
765 ILCS 410/1
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
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…
765 ILCS 410/2
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.)