Topic:
The Land Trust Beneficiary Rights Act.
(Nekritz, D-Buffalo Grove) provides that the rights of a beneficial owner may not be impaired in any way by the change of trustees if the identity of the trustee of a land trust has been changed by virtue of sale, assignment, appointment, or otherwise, but the beneficial owner or owners of the land trust remain unchanged. Provides that a change of trustees by a sale, acquisition, or appointment governed by the Corporate Fiduciaries Act is not a bar or defense to any pending court action filed by or in the name of either the previous trustee or the new trustee, regardless of whether the court action was originally filed in a representative capacity on behalf of the beneficial owner or owners. Referred to House Rules Committee.