Sec. 9.12. Land disclosure requirements.

413 words·~2 min read·/il/chapter-605/act-10/9-12

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Disclosure required. The Authority may not enter into any agreement or understanding for the use or acquisition of land that is intended to be used or acquired for toll highway purposes unless full disclosure of all beneficial interests in the land is made under this Section.

(b)Condemnation proceedings. If the Authority commences condemnation proceedings to acquire land that is intended to be used or acquired for toll highway purposes, the holders of all beneficial interests in the land must make full disclosure under this Section unless the court determines that the disclosure would cause irreparable harm to one or more holders of a beneficial interest.

(c)Beneficial interests. Each holder of any beneficial interest in the land, including without limitation beneficial interests in a land trust, must be disclosed, including both individuals and other entities. If any beneficial interest is held by an entity, other than an entity whose shares are publicly traded, and not by an individual, then all the holders of any beneficial interest in that entity must be disclosed. This requirement continues at each level of holders of beneficial interests until all beneficial interests of all individuals in all entities, other than entities whose shares are publicly traded, have been disclosed.

(d)Written statement. Disclosure must be made by a written statement filed

(i)with the Authority contemporaneously with the execution of the agreement or understanding or

(ii)in the case of a condemnation proceeding, with the Authority and the court within a time period ordered by the court. Each individual and entity must be disclosed by name and address and by a description of the interest held, including the percentage interest in the land held by the individual or entity. The statement must be verified, subject to penalty of perjury, by the individual who holds the greatest percentage of beneficial interest in the land.

(e)Recordation. The Authority must file the statement of record with the recorder of each county in which any part of the land is located within 3 business days after the statement is filed with the Authority.

(f)Agreements and understandings void. Any agreement or understanding in violation of this Act is void.

(g)Penalty. A person who knowingly violates this Section is guilty of a business offense and shall be fined $10,000.

(h)Other disclosure requirements. The disclosure required under this Act is in addition to, and not in lieu of, any other disclosure required by law.