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Table of Contents
-
Chapter 1 — Basic Nature of the Land Trust -
I. The Trust Concept - II. [1.5] Importance and Applications
- [1.6] Privacy of Ownership
- [1.7] Limited Exposure to Judgments and Liens
- [1.8] Avoidance of Marital Interests in Title
- [1.9] Insulation from Hazards of Individual Ownership
- [1.10] Mortgage Loans Without Personal Liability
- [1.11] Transferability of Beneficial Interest
- [1.12] Use of Beneficial Interests as Collateral
- [1.13] Partition Unavailable
- [1.14] Testamentary and Estate Planning Use
- [1.15] Protections for Condominiums and Cooperatives
- [1.16] Partnership and Joint Venture Uses
- [1.17] Corporate Uses
- [1.18] Agriculture Use
- [1.19] Extent of Use
- III. Basic Characteristics
- Chapter 2 — Documentation of the Land Trust
- I. Basic Instruments
- [2.1] In General
- [2.2] Analysis of Deed in Trust — Form 1
- [2.3] Analysis of Trust Agreement — Form 2
- [2.4] Beneficiary Designation — Forms
- [2.5] Single Beneficiary — Form 3
- [2.6] Multiple Beneficiaries — Form 4
- [2.7] Joint Tenancy — Form 5
- [2.8] Remainder Interests — Form 6
- [2.9] Life Interests and Estates — Form 7
- [2.10] Partnerships — Forms 8 and 9
- [2.11] Joint Ventures — Form 10
- [2.12] Corporations — Forms 11 and 12
- [2.13] Trustees
- [2.14] Minors
- [2.15] In General
- [2.16] Particular Parcels — Immediate Interests — Form 13
- [2.17] Remainders — Particular Parcels — Form 14
- [2.18] Division of Single Parcel — Form 15
- [2.19] Powers of Direction — In General
- [2.20] Nature of the Power of Direction
- [2.21] Power in One of Several Beneficiaries
- [2.22] Power in Fiduciary Donee
- [2.23] Power in Non-Beneficiary
- [2.24] Power in Settlor
- [2.25] Power Coupled with an Interest
- [2.26] Characterizing the Power — In General
- [2.27] Power for Benefit of Settlor — Form 16
- [2.28] Power for Benefit of a Beneficiary — Form 17
- [2.29] Power as a Fiduciary — Form 18
- [2.30] Power Coupled with an Interest — Form 19
- [2.31] Judicial Direction of Exercise of Power
- [2.32] Trustee’s Obligation Under Power of Direction
- [2.33] Judicial Construction of Powers of Direction
- [2.34] Special Use Forms of Powers of Direction — In General
- [2.35] Individual — Power Over — Form 20
- [2.36] Individual — Alternative — Form 21
- [2.37] Individual — Joint — Form 22
- [2.38] Individual — Sole and Joint — Form 23
- [2.39] Individual — Alternative Restricted — Form 25
- [2.40] Groups — Alternative Restricted — Form 25
- [2.41] Non-Specific — Form 26
- [2.42] Non-Specific — Majority — Form 27
- [2.43] Partnership — Specific — Form 28
- [2.44] Partnership — Non-Specific — Form 29
- [2.45] Partnership — Majority — Form 30
- [2.46] Corporations — Specific — Form 31
- [2.47] Corporations — Non-Specific — Form 32
- [2.48] Amendments to Trust Agreement — Form 33
- II. The Beneficiary Agreement
- [2.49] In General
- [2.50] Checklist of Subjects Covered by Beneficiary Agreements
- [2.51] Operation of the Property
- [2.52] Relationship Among Beneficiaries
- [2.53] Federal Income Tax Responsibilities
- [2.54] Assignment of Beneficial Interest
- [2.55] Capital Obligations
- [2.56] Deadlocks
- [2.57] In General
- [2.58] General Partnership — Form 34
- [2.59] Co-Ownership — Form 35
- [2.60] Limited Partnership
- [2.61] Rights of Occupancy — Form 36
- III. [2.62] Land Trusts with Less Than Fee Simple Interests
- IV. [2.67] The Rule Against Perpetuities
- Chapter 3 — Land Trust Legal Attributes
- I. [3.1] Scope of Chapter
- II. [3.2] Privacy of Ownership
- III. [3.3] Judgment Liens
- IV. [3.4] Statutory Liens
- V. [3.5] Federal Tax Liens
- VI. [3.6] Dower and Marital Interests
- VII. [3.7] Death, Insanity, or Other Disability
- VIII. [3.8] Partition
- IX. [3.9] Testamentary Dispositions
- X. [3.10] Ancillary Administration
- XI. [3.11] Tort Liability
- XII. [3.12] Assignability
- XIII. [3.13] Gifts
- Chapter 4 — Land Trust Administration
- I. [4.1] Introduction
- II. Practices and Procedures
- [4.2] Reserving the Trust Number: Procedure and Form
- [4.3] Trustee’s Records: Procedures and Forms
- [4.4] Documentation of Assignment of Beneficial Interests: Forms of Assignment and Assignment Records
- [4.5] Involuntary Transfers
- [4.6] Intestacy
- [4.7] Testamentary Transfers
- [4.8] Non-Testamentary Transfers
- [4.9] Tax Waivers and Releases
- [4.10] Power of Direction — In General
- [4.11] Direction To Convey — Form
- [4.12] General Direction — Form
- [4.13] Internal Revenue Code Filing: Explanation and Forms
- [4.14] Foreign Investment in Real Property Tax Act (FIRPTA)
- [4.15] Form 52 — Individual Transferor
- [4.16] Form 53 — Other Transferor
- [4.17] Illinois Withholding Requirements
- [4.18] Tax Bills
- [4.19] Amending the Land Trust
- [4.20] Litigation over Land Trust Property
- [4.21] Indemnity of Trustee
- [4.22] Exculpation of Trustee
- [4.23] Exculpatory Clause — Contract Seller
- [4.24] Exculpatory Clause — Contract Buyer
- [4.25] Exculpatory Clause — Lease
- [4.26] Exculpatory Clause — Mortgage Note
- [4.27] Exculpatory Clause — Mortgage
- [4.28] Exculpatory Clause — Miscellaneous Instruments
- [4.29] Statutory and Case Law on Exculpatory Clauses
- [4.30] Statutory Restrictions on Trustee’s Action — In General
- [4.31] Waiver of Redemption
- [4.32] Installment Contracts
- [4.33] Beneficiary Disclosure, Installment Contract
- [4.34] RICO Acts
- [4.35] Environmental Protection Acts
- [4.36] Resignation or Disability of Trustee
- [4.37] Proper Handling of Communications Between Third Persons, Trustee, and Beneficiaries
- [4.38] Trustee’s Form Letter to Third Persons
- [4.39] Trustee’s Form Cover Letter to Beneficiaries
- [4.40] Extending the Trust Term — In General
- [4.41] Notice of Expiration of Trust — Form
- [4.42] Agreement Extending Term of Trust — Form
- [4.43] Closing the Trust — Explanation and Form
- [4.44] Transfer to Another Trustee
- [4.45] Form 69 — Amendment to Trust Agreement
- [4.46] Form 70 — Amended Trust Agreement
- [4.47] Form 71 — Rider
- [4.48] Trustee’s Attorneys’ Fees
- [4.49] Interstate Trust Activity
- Chapter 5 — Transactions in Land Trust Property
- I. [5.1] Introduction — Basic Legal Guidelines
- II. Sales Contracts
- [5.2] Types of Contracts
- [5.3] Drafting Considerations
- [5.4] Conveyance of Title by Trustee: Form
- [5.5] Contracts by Beneficiary To Convey Title: Forms
- [5.6] Assignment of Beneficial Interest; Form of Contract for As-signment; Form of Trustee’s Certification; Statute of Frauds
- [5.7] Vulnerability of Assignment
- [5.8] Articles of Agreement; Installment Contracts; Form
- [5.9] Closing Procedures
- [5.10] Option Agreements: Form
- [5.11] Exchange Transactions
- [5.12] Land with Construction
- [5.13] Land Trustee as Purchaser
- [5.14] Broker’s Listing Agreement
- [5.15] Development Agreements
- [5.16] Conversion by Contract
- III. Leases
- IV. Financing
- [5.24] Introduction
- [5.25] In General
- [5.26] The Mortgage Note: Form
- [5.27] The Trust Deed; Form of Trust Deed; Waiver of Redemption Form
- [5.28] Waiver of Redemption Provision
- [5.29] Amount of Indebtedness
- [5.30] Conveyance of Title by Debtor to Creditor upon Default
- [5.31] Due on Sale Clauses
- [5.32] Assignment of Rents: Form
- [5.33] Beneficiaries’ Personal Guarantee: Form
- [5.34] Summary
- [5.35] Basic Legal Aspects
- [5.36] Applicability of Illinois Mortgage Foreclosure Law
- [5.37] Uniform Commercial Code Applicability
- [5.38] Preliminary Considerations
- [5.39] Documenting the Transaction: Explanation and Forms
- [5.40] Note or Obligation
- [5.41] Financing Statement
- [5.42] Security Agreement
- [5.43] Assignment of Beneficial Interest
- [5.44] Assignment to secure loan (specific obligation)
- [5.45] Combined form, assignment and security agreement
- [5.46] Some characteristics of the collateral assignment
- [5.47] Filing requirements; facsimile
- [5.48] Homestead exemption
- [5.49] Closing Procedures
- [5.50] Torrens Property
- [5.51] Usury
- [5.52] Procedure upon Payment
- [5.53] Procedure upon Default
- [5.54] Default Procedures Under the Illinois Mortgage Foreclosure Law
- [5.55] Procedure in Probate
- [5.56] Additional Considerations
- [5.57] Use of Unsecured Notes: Explanation and Form
- V. Insurance
- VI. Easements, Party Wall, and Covenant Agreements
- Chapter 6 — Litigation Involving Land Trust Property
- I. Introduction
- II. General Litigation Considerations
- [6.5] Description of Trust
- [6.6] Parties to Land Trust Litigation
- [6.7] Title Actions
- [6.8] Contract Actions: Beneficiary’s Position
- [6.9] Contract Actions: Trustee’s Position
- [6.10] Exoneration Provisions
- [6.11] Action To Enforce
- [6.12] Tort Actions: Beneficiary’s Position
- [6.13] Tort Actions: Trustee’s Position
- [6.14] Piercing the Trust Veil
- III. Particular Proceedings
- [6.15] By Trustee
- [6.16] Unauthorized Contract: Ratification by Trustee
- [6.17] Unauthorized Contract: Remedy
- [6.18] By Beneficiary
- [6.19] Statute of Frauds
- [6.20] Mechanics’ Liens
- [6.21] Marital Rights
- [6.22] In General
- [6.23] General Lease Covenants
- [6.24] Rent Actions
- [6.25] Ratification of Unauthorized Leases
- [6.26] Possessory Actions: Forcible Detainer
- [6.27] Covenants Exempting Lessor from Liability
- [6.28] Lease Options
- [6.29] Mortgage Foreclosures
- [6.30] Parties
- [6.31] Waiver of Redemption
- [6.32] Guaranty: Deficiency Judgment
- [6.33] Curing Defaults
- [6.34] Redemptions
- [6.35] Forms
- [6.36] Complaint To Foreclose Land Trust Mortgage
- [6.37] Judgment of Foreclosure and Sale of Land Trust Mortgage
- [6.38] Land Trust as Purchaser Under Foreclosure
- [6.39] Due on Sale Clauses
- [6.40] Assignment Financing Procedures
- [6.41] Judgment Without Sale
- [6.42] Adequacy of Sale Price
- [6.43] Trustee as Assignment Creditor
- [6.44] Redemption from Code Sale; Fees
- [6.45] In General
- [6.46] Enforcement of Rights
- [6.47] Creditors’ Remedies
- [6.48] Creditors’ Bill
- [6.49] Citation Proceedings
- [6.50] Sequestration
- [6.51] Forcible Detainer
- [6.52] In Probate
- [6.53] Fraudulent Conveyances
- [6.54] Installment Contracts
- [6.55] Bankruptcy
- [6.56] Homestead Exemption
- [6.57] Negligence Actions
- [6.58] Dram Shop Actions
- [6.59] In General
- [6.60] Unavailability of Partition
- [6.61] Deadlock
- [6.62] Dissolution
- [6.63] Accounting
- [6.64] Options Among Beneficiaries
- [6.65] Easements
- [6.66] Proceeds of Trust
- [6.67] Probate Proceedings
- [6.68] Building Ordinance Proceedings
- [6.69] Position of Trustee
- [6.70] Position of Beneficiaries
- [6.71] Condemnation
- [6.72] Tax Deeds
- [6.73] Restrictive Covenants
- [6.74] Constructive Trusts in Beneficial Interest
- [6.75] Fraud and Reformation
- [6.76] Interpleader by Trustee
- [6.77] Other Proceedings
- [6.78] Accounting
- [6.79] Administrative Review
- [6.80] Annexation Petition
- [6.81] Arbitration
- [6.82] Bill To Quiet Title
- [6.83] Brokers
- [6.84] Business Interference
- [6.85] Class Actions
- [6.86] Confession of
- [6.87] Construction Contract
- [6.88] Counterclaim for Equitable Relief
- [6.89] Covenants
- [6.90] Declaratory Judgment
- [6.91] Demolition Proceedings
- [6.92] Ejectment
- [6.93] Forfeiture of Installment Contract
- [6.94] Injunctive Relief
- [6.95] Insurance
- [6.96] Joint Ventures
- [6.97] Land Dedications
- [6.98] Mandamus
- [6.99] Motion To Dismiss
- [6.100] Nonconforming Use
- [6.101] Options
- [6.102] Partition
- [6.103] Pollution Board Proceedings
- [6.104] Reformation of Instruments
- [6.105] Rescission
- [6.106] Restoration of Lost Deed in Trust
- [6.107] Right of Intervention
- [6.108] Section 72 Proceedings
- [6.109] Setoff
- [6.110] Slander of Title
- [6.111] Specific Performance
- [6.112] Statutory Liens
- [6.113] Tax Objections
- [6.114] Third-Party Proceedings
- [6.115] Torrens Act Registration
- [6.116] Trespass
- [6.117] Usury
- [6.118] Zoning
- IV. Practice and Evidence
- Chapter 7 — Tax Aspects of Land Trust Usage
- I. [7.1] Real Estate Taxes
- II. [7.4] Personal Property Taxes
- III. [7.5] Real Estate Transfer Tax
- IV. [7.6] Federal Estate Tax
- V. State Inheritance Tax
- VI. Federal Gift Tax
- VII. Federal Income Tax Treatment
- [7.24] Classification of Land Trusts for Tax Purposes
- [7.25] The Trust as a Taxable Entity
- [7.26] Land Trusts for Non-Business Purposes
- [7.27] Land Trusts for Investment Purposes
- [7.28] Land Trusts for Business Purposes
- [7.29] Land Trusts with Limited Partnerships
- [7.30] Exchanges and Deferral of Gain Recognition
- [7.31] Sale of Residence: Tax Exemption
- [7.32] Sale of Residence: Tax Deferral
- [7.33] Depreciation
- [7.34] Federal Tax Sales: Redemption
- [7.35] Federal Tax Lien Priority
- VIII. [7.36] Illinois Income Tax
- IX. Estate Planning Considerations
- Chapter 8 — Extended Uses of Land Trusts
- I. [8.1] Introduction
- II. Land Trust Interests and Securities Laws
- III. Limited Partnerships with Land Trusts
- IV. Trust Agreement with Certificates of Beneficial Interest
- V. Mortgagees’ Trust Agreements
- VI. Inter Vivos Trust and Land Trust Combinations
- VII. Condominium Uses
- VIII. [8.17] Conforming Trust Agreement: Other States
- IX. [8.18] Forms of Trust Agreements in Other States
- X. [8.23] Interstate Trust Activity
- Appendix
Authors
- Henry W. Kenoe
Henry W. Kenoe
No bio available.
Kenoe on Land Trusts (Classic 1989 EDITION)
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