Sec. 5. Legislative finding; purpose.
104 words·~1 min read·
/il/chapter-765/act-435/5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5. Legislative finding; purpose.
(a)The General Assembly finds that the Illinois judiciary system and the federal judiciary system have unclear court decisions as to whether the holders of the power of direction have fiduciary duties to the holders of the beneficial interest in land trusts. The terms "land trust" and "beneficial interest" have the same meanings as defined in Section 2 of the Land Trustee as Creditor Act.
(b)It is the purpose of this Act to clarify that holders of the power of direction are accountable to the holders of the beneficial interest in land trusts as declaratory of existing law.