ISBA Director of Legislative Affairs Jim Covington reviews legislation in Springfield of interest to ISBA members. This week he covers The Land Trust Beneficiary Rights Act (House Bill 4697 ), The Mechanics Lien Act (Senate Bill 2450), Product liability (House Bill 5596), Tenants Radon Protection Act (House Bill 4528), Revised Uniform Fiduciary Access to Digital Assets Act (Defines terms. House Bill 4648) and Punitive damages (Senate Bill 2509). More information on each bill is available below the video.
The Land Trust Beneficiary Rights Act. House Bill 4697 (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.