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It ruled that if a land trust was set up with some minor duty on the trustee (such as to deed the property to the beneficiaries 20 years later), then the trust would not be considered passive and would be valid. Thus, the land trust in America today is often called an "Illinois-type" land trust or "Illinois Land Trust". [2]
In 1941, E.D. Funk Sr. established Funk Farms Trust. The Trust was formed to operate 3,000 acres of land and to feed approximately 6,000 head of cattle. Today, that land is owned by the descendants of E.D. Funk. [8][9][10] The Board of Trustees is composed of four cousins - all descendants of E.D. Funk.
The Supreme Court decision in Illinois Central Railroad v. Illinois, 146 U.S. 387 (1892), reaffirmed that each state in its sovereign capacity holds title to all submerged lands within its borders and holds these lands in public trust. [1] This is a foundational case for the public trust doctrine.
A declaration of trust is the document that establishes a legal trust. It also defines the major elements of the entity, such as the beneficiaries and trustees. Once a trust has been established ...
This is a list of properties and districts in Illinois that are on the National Register of Historic Places. There are over 1,900 in total. There are over 1,900 in total. Of these, 85 are National Historic Landmarks .
A community land trust or (CLT) is a nonprofit corporation that holds land on behalf of a place-based community, while serving as the long-term steward for affordable housing, community gardens, civic buildings, commercial spaces and other community assets on behalf of a community.
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