Illinois Land Trust definition

Illinois Land Trust. A trust formed under a trust agreement between the trustee and one or more beneficiaries named therein, pursuant to which such trustee holds legal and equitable title to a Mortgaged Property located in the State of Illinois and such beneficiaries are the owners of the beneficial interest in such trust.
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Illinois Land Trust. Trust Number 3386, an Illinois Land Trust.
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Examples of Illinois Land Trust in a sentence

  • Any taxpayer who is not the owner of record or the beneficial owner via an Illinois Land Trust (such as a tenant who has been assigned the legal liability for property taxes) must, at the time of filing the complaint, provide a copy of the written instrument that transfers property tax liability from the owner to the taxpayer.

  • If any discrepancies are found involving Borrowers’ SSN or ITIN, these must be resolved before Closing.A Borrower must be on title as owner of the Mortgaged Property, unless the property is titled in the name of an:• Inter Vivos Revocable Trust that meets Guide eligibility requirements (see Chapter 3.1.5 for eligibility requirements); or• Illinois Land Trust that meets Guide eligibility requirements (see Chapter 3.1.6 for eligibility requirements).

  • If any discrepancies are found involving Borrowers’ SSN or ITIN, these must be resolved before Closing.A Borrower must be on title as owner of the Mortgaged Property, unless the property is titled in the name of an : • Inter Vivos Revocable Trust that meets Guide eligibility requirements (see Chapter 3.1.5 for eligibility requirements); or• Illinois Land Trust that meets Guide eligibility requirements (see Chapter 3.1.6 for eligibility requirements).

  • Also similar to an Illinois Land Trust, title to the aircraft can be transferred at any time from the trustee to any party designated by the beneficiary using an FAA form bill of sale.

  • A completed, unfiled assignment of this recorded interest from the Seller must be in the file.• Land Trust Rider to Security Instrument: Signed copies of the document which identifies the mortgaged property as being held by an Illinois Land Trust must be recorded with the security instrument.• Land Trust Rider to the Mortgage Note: Signed copies of this document must be delivered in the loan file.

  • If the property is held in an Illinois Land Trust, a Statement of Beneficiary Interest is also required.

  • Exceptions for a [Facsimile] Collateral Assignment of Beneficial Interest for Illinois Land Trust loans are acceptable.

  • A trust holding an airplane is a type of purpose trust.46 Similar to the structure of an Illinois Land Trust, the trustee is the titled and registered owner of the aircraft, but the beneficiary has the right to dissolve the trust at any time and return possession of the aircraft back to him- or herself, or on to a qualified third party.

  • Acompleted, unfiled assignment of this recorded interest from the Seller must be in the file.• Land Trust Rider to Security Instrument: Signed copies of the document which identifies the mortgaged property as being held by an Illinois Land Trust must be recorded with the security instrument.• Land Trust Rider to the Mortgage Note: Signed copies of this document must be delivered in the loan file.

  • Levine, The Illinois Land Trust: A Fictional Best Seller, 33 DePaul L.

Related to Illinois Land Trust

  • Blind Trust means an independently managed trust in which the employee-beneficiary has no management rights and in which the employee-beneficiary is not given notice of alterations in or other dispositions of the property subject to the trust.

  • Ameren Illinois means Ameren Illinois Company d/b/a Ameren Illinois.

  • Agricultural land means land primarily devoted to the

  • New Mexico CANCELLATION section is amended as follows: If You are the original purchaser of this Agreement, You may return this Agreement and receive a refund if: (i) You have not made a claim under the Agreement; and (ii) You return this Agreement within twenty days after the date We mail You a copy of the Agreement or within ten days after You receive a copy of the Agreement if We furnish You with the copy at the time the Agreement is purchased. We may not cancel this Agreement without providing You with written notice at least fifteen (15) days prior to the effective date of cancellation. Such notice shall include the effective date of cancellation and the reason for cancellation. If this Agreement has been in force for a period of seventy (70) days, We may not cancel it before the expiration of the Agreement term or one (1) year, whichever occurs first, unless: 1) You fail to pay any amount due; 2) You are convicted of a crime which results in an increase in the service required under the Agreement; 3) You engage in fraud or material misrepresentation in obtaining this Agreement; or 4) You commit any act, omission, or violation of any terms of this Agreement after the effective date of this Agreement which substantially and materially increases the service required under this Agreement. A ten percent (10%) penalty per month (or each portion thereof) shall be applied to refunds not paid or credited within sixty (60) days of receipt of a returned Agreement.

  • AT&T ILLINOIS means the AT&T owned ILEC doing business in Illinois.

  • AT&T LOUISIANA means the AT&T owned ILEC doing business in Louisiana.

  • AT&T KENTUCKY means the AT&T owned ILEC doing business in Kentucky.

  • AT&T SOUTH CAROLINA means the AT&T owned ILEC doing business in South Carolina.

  • AT&T MISSISSIPPI means the AT&T owned ILEC doing business in Mississippi.

  • State land means land which vests in the national or a provincial government, and includes land below the high water mark and the Admiralty Reserve, but excludes land belonging to a local authority;

  • Indian land means the lands of any Indian Tribe or within Indian country.

  • Pledged Asset Mortgage Servicing Agreement The Pledged Asset Mortgage Servicing Agreement, dated as of February 28, 1996 between MLCC and the Master Servicer. Pooling and Servicing Agreement or Agreement: With respect to any Series, this Standard Terms together with the related Series Supplement.

  • Timberlands means, as of any date of determination, all real property owned by or leased to the Borrower or any Subsidiary that is suitable for Timber production, natural resource development or real estate development. For the avoidance of doubt, “Timberlands” shall exclude property, plant and equipment of the Borrower and its Subsidiaries associated with their manufacturing activities.

  • California Renewables Portfolio Standard means the California Public Utilities Code Section 399.11, et seq.

  • AT&T MISSOURI means the AT&T owned ILEC doing business in Missouri.

  • State property means any building, land, or other real property owned, leased, or occupied by any department, agency, or instrumentality wholly owned by the State, unless, with respect to any building, land, or other real property leased or rented by the State, the lease or rental agreement shall prohibit the establishment of such vending facilities.

  • Real Estate Investment Trust means any Person that qualifies as a real estate investment trust under Sections 856 through 860 of the Code.

  • Indian lands means lands owned by the United States and held for the use or benefit of Indian tribes or bands or individ- ual Indians and lands within the boundaries of a federally recog- nized reservation that are owned by Indian tribes or bands or indi- vidual Indians.

  • Mortgage Assets The Mortgage Loans to be included in the Trust Fund are as described in Annex A hereto.

  • Mortgage Servicing Rights The rights and responsibilities of Seller with respect to servicing the Mortgage Loans under the Servicing Agreements, including any and all of the following if and to the extent provided therein: (a) all rights to service a Mortgage Loan; (b) all rights to receive servicing fees, Ancillary Income, reimbursements or indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse escrow payments or other payments with respect to the Mortgage Loan and any amounts actually collected with respect thereto and to receive interest income on such amounts to the extent permitted by Applicable Law; (d) all accounts and other rights to payment related to any of the property described in this paragraph; (e) possession and use of any and all Credit Files pertaining to the Mortgage Loan or pertaining to the past, present or prospective servicing of the Mortgage Loan; (f) to the extent applicable, all rights and benefits relating to the direct solicitation of the related Mortgagors for refinance or modification of the Mortgage Loans and attendant right, title and interest in and to the list of such Mortgagors and data relating to their respective Mortgage Loans; and (g) all rights, powers and privileges incident to any of the foregoing.