Illinois Land Trust Law and Legal Definition
An Illinois land trust provides a unique form of ownership of real property. In an Illinois land trust, the legal and equitable title lies with the trustee and the beneficiary retains what is referred to as a personal property interest. 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 rights to the proceeds from the property. The only power the trustee has in relation to the land is the power to convey title; the trustee can only use this power when properly authorized by the beneficiary. [United States v. N.L. Industries, 1992 U.S. Dist. LEXIS 17207 (S.D. Ill. Apr. 23, 1992)].
