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Table of Contents

Chapter 1 — Establishment of Land Trust Company or Department

Chapter 2 — Acceptance of New Business

Chapter 3 — The Land Trust Agreement

Chapter 4 — The Deed in Trust

Chapter 5 — Voluntary Transfers of Beneficial Interest

I. [5.1] Nature of the Assignment of Beneficial Interest

II. The Absolute Assignment Form

[5.2] Absolute Assignment

Components of the Absolute Assignment Form

[5.3] Date

[5.4] Designation of Assignee and Transfer Language

[5.5] Execution by Assignor

[5.6] Acceptance by Assignee

[5.7] Trustee’s Receipt and Processing; Late Delivery

III. [5.8] Assignments and Transfer Tax Declarations

[5.9] Chicago Real Property Transfer Tax Ordinance

[5.10] Cook County Real Property Tax Ordinance

[5.11] Land Trust Recordation and Transfer Tax Act

Exempt Assignments of Beneficial Interest

[5.12] In General

[5.13] Exemptions Under the Chicago Real Property Transfer Tax Ordinance

[5.14] Statement by Grantor and Grantee

IV. [5.15] Collateral Assignments

[5.16] Collateral Assignment Under Land Trust

Absolute Assignments with Existing Collateral Assignment

[5.17] In General

[5.18] Absolute Assignment with Collateral Assignment Containing No Prohibition

[5.19] Absolute Assignment with Collateral Assignment Prohibiting Further Assignments

[5.20] Multiple Collateral Assignment Considerations

V. [5.21] Irrevocable Right To Approve Trust Documents

VI. [5.22] Agreement To Notify Lender of a Sale or Transfer of Interest

VII. Amendment of the Beneficial Interest

[5.23] In General

[5.24] Amendment Form

Chapter 6 — Involuntary Transfers of Beneficial Interest

Chapter 7 — Directions to the Trustee

Chapter 8 — Land Trust Transactions

Chapter 9 — Extensions and Resignations

Chapter 10 — Litigation

Chapter 11 — Exonerations

Chapter 12 — Merger and Acquisition of Land Trust Portfolios

List of Forms

Index

Authors

David J. Lanciotti
David J. Lanciotti
David J. Lanciotti is Executive Vice President and General Counsel with Chicago Title Land Trust Company. In his 22 years with the company, his roles have included oversight of all aspects of the company, including trust operations and administration, business development, and all corporate legal and regulatory matters. Prior to joining Chicago Title, he served as a Trust Officer and Trust Counsel in the trust departments of American National Bank & Trust Company of Chicago and LaSalle Bank. He is licensed to practice in Illinois and in Federal District Court for the Northern District of Illinois. Lanciotti is a member of the Illinois Real Estate Lawyers Association and the American Bar Association. He is also the author of LAND TRUST ADMINISTRATION IN ILLINOIS (IICLE^®, 2009, Supp. 2012). He has been retained to provide expert witness testimony relative to the construction, interpretation, and administration of land trusts. In addition, he is a frequent speaker at legal and banking seminars on land trust issues. He has served as a contributing editor to ILLINOIS LAW AND PRACTICE and NICHOLS ILLINOIS CIVIL PRACTICE. He received his B.A. from Purdue University and his J.D. cum laude from Northern Illinois University College of Law.

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Land Trust Administration (ARCHIVED 2009 EDITION & 2012 SUPPLEMENT)

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