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Terms Used In Illinois Compiled Statutes 745 ILCS 10/3-101

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Personal property: All property that is not real property.
     As used in this Article unless the context otherwise requires “property of a local public entity” and “public property” mean real or personal property owned or leased by a local public entity, but do not include easements, encroachments and other property that are located on its property but that it does not own, possess or lease.