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;
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
(4) liquidation trust;
(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.