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2011 SESSION

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HB 2133 Land trusts; trustee named in deed is unable to serve, beneficiaries shall name a successor trustee.

Introduced by: William K. Barlow | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Land trusts; successor trustee.  Provides that where a land trust has been created by the recordation of a deed of conveyance to a trustee, and the trustee named in the deed is unable to serve, the beneficiaries of the trust, by majority decision, shall name a successor trustee. If the beneficiaries cannot be identified, or cannot agree on a successor trustee, the circuit court where the deed was recorded shall name the successor trustee. The name and address of the successor trustee shall be recorded with the clerk.


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