Except as otherwise provided, this Code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. This Code does not apply to any:
         (1) land trust;
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Illinois Compiled Statutes 760 ILCS 3/102

  • decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Statute: A law passed by a legislature.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

         (2) voting trust;
         (3) security instrument such as a trust deed or
    
mortgage;
        (4) liquidation trust;
         (5) escrow;
         (6) instrument under which a nominee, custodian for
    
property, or paying or receiving agent is appointed;
        (7) trust created by a deposit arrangement in a
    
banking or savings institution, commonly known as a “Totten trust” unless in the trust instrument any of the provisions of this Code are made applicable by specific reference; or
        (8) Grain Indemnity Trust Account or any other trust
    
created under the Grain Code.
  Previous section
Next section  
 Article 1 Contents