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Chapter 1 — Establishment of Land Trust Company or Department - Chapter 2 — Acceptance of New Business
- Chapter 3 — The Land Trust Agreement
- I. [3.1] Introduction; Land Trust Agreement
- II. [3.2] Date of Trust
- III. [3.3] Trust Number
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IV. Holding Non-Title Interests - V. [3.7] Legal Description
- VI. [3.8] After-Acquired Property
- VII. [3.9] Beneficiary Designation
- VIII. [3.17] Power of Direction
- IX. [3.20] Trust Duration
- X. [3.21] Acceptance and Annual Fee
- XI. [3.22] Execution of Trust Agreement
- XII. [3.23] Miscellaneous Information
- Chapter 4 — The Deed in Trust
- I. [4.1] Introduction
- II. [4.4] Warranty vs. Quitclaim Considerations
- III. [4.5] Analysis of a Deed in Trust
- IV. [4.14] Recording the Deed in Trust
- V. [4.15] Correcting the Deed in Trust
- VI. [4.16] Trustee’s Deed in Trust
- VII. [4.17] Transfers into Trust by Other Instruments
- VIII. [4.20] Conveyances by Assignment
- IX. [4.21] Defective Conveyances
- Chapter 5 — Voluntary Transfers of Beneficial Interest
- I. [5.1] Nature of the Assignment of Beneficial Interest
- II. The Absolute Assignment Form
- 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
- Chapter 6 — Involuntary Transfers of Beneficial Interest
- Chapter 7 — Directions to the Trustee
- I. [7.1] General Letter of Direction
- [7.2] Signature Considerations
- [7.3] Directions Given Pursuant to a Power of Attorney
- [7.4] Power of Attorney Checklist
- [7.5] Affidavit Pertaining to Document Purporting To Establish an Agency (Power of Attorney)
- [7.6] Outstanding Trust Fees
- [7.7] Collateral Assignments and Other Restrictions
- [7.8] Receipt and Transmittal; Transmittal Letter
- [7.9] Billing
- II. [7.10] Direction To Execute Mortgage
- III. [7.11] Direction To Convey
- IV. [7.12] Direction for Check Endorsement
- Chapter 8 — Land Trust Transactions
- I. [8.1] Mortgage Loans
- [8.2] Promissory Note
- [8.3] Mortgages
- [8.4] Warranties as to Title
- [8.5] Waiver of Right of Redemption
- [8.6] Environmental Representations and Indemnifications
- [8.7] Reverse Mortgages
- [8.8] Assignment of Rents
- [8.9] Loan Pay Proceeds Letter
- [8.10] ALTA Statement
- [8.11] Waiver of Defenses
- [8.12] UCC Statements
- [8.13] Certified Copy of Trust Agreement/Certification of Beneficial Ownership
- [8.14] Certified Copy of Letter of Direction
- II. [8.15] Trustee’s Deed
- III. [8.21] Contracts
- IV. [8.22] Leases
- V. [8.23] Proof of Loss
- VI. [8.24] Check Endorsements
- VII. [8.25] Miscellaneous Transactions
- Chapter 9 — Extensions and Resignations
- I. [9.1] Duty To Sell upon Expiration
- II. [9.2] Expiration Notice and Extension Agreement
- III. [9.6] Resignation of Trustee
- IV. [9.7] Recording Deed of Resignation
- V. [9.8] Alternatives to Issuing Deed
- VI. [9.9] Resignation with Collateral Assignee
- VII. [9.10] Activity After Expiration Date
- VIII. [9.11] Other Events Necessitating Resignation
- IX. [9.12] Lien for Fees
- Chapter 10 — Litigation
- Chapter 11 — Exonerations
- I. [11.1] In General
- II. [11.2] Note
- III. [11.3] Mortgage/Trust Deed/Assignment of Rents
- IV. [11.7] General Document/Contract — Seller
- V. [11.10] Federal Housing Administration
- VI. [11.11] Lessor
- VII. [11.12] Assignee of Lease
- VIII. [11.13] Lessee
- IX. [11.14] Assignee of Lessee
- X. [11.15] Real Estate Contract —Purchaser
- XI. [11.16] Assignee of Contract Purchaser
- XII. [11.17] Environmental Exoneration Rider
- XIII. [11.18] Notary Rider
- XIV. [11.19] Information and Belief Rider
- Chapter 12 — Merger and Acquisition of Land Trust Portfolios
- I. [12.1] Circumstances Giving Rise to Bulk Sale of Land Trusts
- II. [12.4] Notice to Beneficiary; Letter from Resigning Trustee Notifying Beneficiary of New Trustee’s Succession
- III. [12.5] Purchase Price
- IV. [12.6] Due Diligence
- V. [12.7] Regulatory Approval
- VI. [12.8] Contract Provisions
- VII. [12.9] Steps Taken at Date of Closing; Letter from New Trustee Notifying Beneficiary of Succession
- VIII. [12.10] Systems
- IX. [12.11] Post-Closing Matters
- List of Forms
- Index
- 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.
Land Trust Administration (ARCHIVED 2009 EDITION & 2012 SUPPLEMENT)
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