765 ILCS 420/ Land Trust Recordation and Transfer Tax Act.

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

765 ILCS 420/1

(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

(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 express agreement or arrangement whereby a use,
confidence or trust is declared of any land, or of any charge upon land,
for the use or benefit of any beneficiary, under which the legal title to real
property is held by a trustee, which may be enforced
by the beneficiaries who have the exclusive right to manage and control
the real estate, to have the possession thereof, to receive the net proceeds
from the rental, sale, hypothecation or other disposition thereof, and under
which the interest of the beneficiary is personal property only.

(Source: P.A. 84-858.)

765 ILCS 420/3

(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 2,000,000 or less which
secure debt or other obligation or when the actual consideration is less
than $100, shall record the instrument or a
facsimile thereof with the Recorder of Deeds or Registrar of Titles of the
county in which the real estate that is the subject of the trust is located.
Such document shall be recorded in the same manner as a deed for such real
estate would be recorded or registered within 60 days after the trustee
accepts the instrument which transfers such beneficial interest.  Any
document which is to be recorded pursuant to this Section may be altered so as
to delete or omit the name of any or all parties named in the instrument
and may be modified in any other reasonable manner to prevent the
disclosure of the identity of such parties.

If the county board of a county adopts an ordinance imposing a tax upon
the privilege of transferring a beneficial interest in a land trust, no
transfer of a beneficial interest in any land trust shall be operative until
such  time  as  there  is  compliance  with  the county
ordinance imposing the transfer tax.

(Source: P.A. 85-1209.)

765 ILCS 420/4

(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 government had the trustee complied with this Act, plus 20%
interest on such amount, accruing from the date the trust document
was executed.

(Source: P.A. 84-858.)