does the land trust over ride the quit claim deed?
— Anonymous A. A land trust is an arrangement whereby both legal and equitable title to land is held by a trustee (usually, a bank or trust company) and the interest of the beneficiary is personal property. [765 ILCS 430/1] A land trust consists of a deed in trust and a land trust agreement. The land trust agreement explains the rights and responsibilities of the land trustee and beneficiary. The beneficiary or any person designated in writing by the beneficiary has the power to direct the land trustee regarding the title, management, mortgaging and other ownership rights of the land. [765 ILCS 430/1] This person or persons is also referred to as a holder of the power of direction. The beneficiary is also entitled to collect rent, make improvements, and receive the proceeds of the sale of the land. [765 ILCS 430/1] In Illinois, residential property subject to a land trust can not be sold under an installment contract unless the name of the land trustee, designation of the trust, and a
