land trust


land trust
Property ownership arrangement whereby, pursuant to statute, trustee holds legal and equitable title to trust, and beneficiary, who has personal property interest, retains power of direction over trustee and power to manage and receive income from trust property. Pepper Pot II, Inc. v. Imperial Realty Co., 1 Dist., 133 Ill.App.3d 951, 88 Ill.Dec. 929, 931, 479 N.E.2d 949, 951.
A land trust (also called Illinois Land Trust) is a trust in which corpus consists of real estate and in which deed to trustee appears to confer upon him full powers to deal with real estate and complete legal and equitable title to trust property. So far as public records are concerned, trustee's powers are complete. Such powers, however, are in fact restricted by a trust agreement mentioned in the deed in trust. Such trust agreements typically vest in beneficiary full powers of management and control.
However, beneficiary cannot deal with property as if no trust existed. Such trusts generally continue for a definite term. Unlike trustees under classical testamentary or inter vivos trust, trustees under land trust may be personally liable. Taylor v. Richmond's New Approach Assoc., Inc., Fla.App., 351 So.2d 1094

Black's law dictionary. . 1990.

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