Illinois Compiled Statutes > 50 ILCS 605 – Local Government Property Transfer Act
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Terms Used In Illinois Compiled Statutes > 50 ILCS 605 - Local Government Property Transfer Act
- Grantor: The person who establishes a trust and places property into it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Municipalities: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.27