Illinois Compiled Statutes
765 ILCS 420/2 (2026)
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
✓ current as of May 2026
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(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.)
Notes of Decisions
Cited in 2
cases (1 in the last 5 years), 2012–2023 · leading case: In re Application of the Cnty. Treasurer & ex officio Cnty. Collector of Cook Cnty., 2023 IL App (1st) 220070 (Ill. App. Ct. 2023).
In re Application of the Cnty. Treasurer & ex officio Cnty. Collector of Cook Cnty., 2023 IL App (1st) 220070 (Ill. App. Ct. 2023). “See also 765 ILCS 415/2 (West 2022); 765 ILCS 420/2 (West 2022). ¶ 28 Notably, the statutory definition of land trust includes “any charge upon land.”
Johnessee v. Schnepf, 2012 IL App (4th) 110767 (Ill. App. Ct. 2012). “See 765 ILCS 405/1 (West 2008); 765 ILCS 415/2(a) (West 2008); 765 ILCS 420/2 (West 2008).) While the court mistakenly found the four acts all provide the same definition for the term “land trust,” the court appears to have ruled based on the following elements it found…”
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