Illinois Compiled Statutes
765 ILCS 430/1 (2026)
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 beneficiary or any person designated in writing by the beneficiary, has the exclusive power to direct or control the trustee in dealing with the title and the exclusive control of the management, operation, renting and selling of the trust property together with the exclusive right to the earnings, avails and proceeds of said property is in the beneficiary of the trust
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(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 beneficiary or any
person designated in writing by the beneficiary, has the exclusive power to
direct or control the trustee in dealing with the title and the exclusive
control of the management, operation, renting and selling of the trust
property together with the exclusive right to the earnings, avails and
proceeds of said property is in the beneficiary of the trust.
"Residential property" means any single family residence or multiple
dwelling structure containing 6 or less single dwelling units for 6 or less
family units, living independently of each other.
"Real estate installment contract" means any agreement or contract for a
trustee's or warranty deed, or otherwise, under which the purchase price of
residential property is to be paid in installments over a period in excess
of 5 years with title to the property to be conveyed to the buyer upon his
payment of the purchase price or a specified portion thereof.
(Source: P.A. 76-1869.)
Notes of Decisions
Cited in 9
cases, 1995–2008 · leading case: In re Marriage of Didier, 742 N.E.2d 808 (Ill. App. Ct. 1st Dist. 2000).
In re Marriage of Didier, 742 N.E.2d 808 (Ill. App. Ct. 1st Dist. 2000). “2d 1210 (1998); 765 ILCS 430/1 (West 1994). As with any personal property, this beneficial interest may be classified as either marital or nonmarital property and is subject to equitable distribution upon dissolution of marriage.”
Espevik v. Kaye, 660 N.E.2d 1309 (Ill. App. Ct. 2d Dist. 1996). “Before we turn to the language of the trust document itself, we initially note that the parties concede that the trust at issue here is an Illinois land trust (see 765 ILCS 430/1 (West 1994)) as opposed to a conventional trust.”
Est. of Mendelson v. Barnett, 697 N.E.2d 1210 (Ill. App. Ct. 1st Dist. 1998). “We initially note that the parties both agree that the trust at issue is an Illinois land trust (see 765 ILCS 430/1 (West 1994)) and not a conventional trust.”
Hoxha v. LaSalle Nat'l Bank, 847 N.E.2d 725 (Ill. App. Ct. 1st Dist. 2006). “In an Illinois land trust, the trustee holds both legal and equitable title to any real property held in trust. “[T]he beneficiary *** has the exclusive power to direct or control the trustee in dealing with the title and the exclusive control of the *** selling of the trust…”
Albert A. Stevens v. United States, 49 F.3d 331 (7th Cir. 1995). “He argues that he saved the IRS a lot of money, not only because the private sale of New Horizons’ building fetched a higher price than the public auction was likely to do (a point that cannot carry the day for him, as we have just seen), but also because it saved the IRS the…”
Culicchia v. Hupfauer, 884 N.E.2d 730 (Ill. App. Ct. 1st Dist. 2008). “The trust at issue is an Illinois land trust (see 765 ILCS 430/1 (West 2000)), not a conventional trust.”
In re Est. of Mendelson, No. 1-96-3590 (Ill. App. Ct. 1st Dist. July 13, 1998). “We initially note that the parties both agree that the trust at issue is an Illinois land trust (see 765 ILCS 430/1 (West 1994)) and not a conventional trust.”
Hoxha v. Lasalle Nat'l Bank, No. 1-05-1419 Rel (Ill. App. Ct. 1st Dist. Mar. 28, 2006). “In an Illinois land trust, the trustee holds both legal and equitable title to any real property held in trust. "The beneficiary*** has the exclusive power to direct or control the trustee in dealing with the title and the exclusive control of the*** selling of the trust…”
In re Marriage of Didier Dissent added, No. 1-99-2564 Rel (Ill. App. Ct. 1st Dist. Dec. 26, 2000). “3d 1, 3 (1998); 765 ILCS 430/1 (West 1994) . As with any personal property, this beneficial interest may be classified as either marital or nonmarital property and is subject to equitable distribution upon dissolution of marriage.”
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