|§ 0.01||Short title|
|§ 1||Power to own real estate|
|§ 2||Procedure to effect acts of ownership over real estate|
|§ 3||Power to sue and defend|
Terms Used In Illinois Compiled Statutes > 765 ILCS 115
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Legacy: A gift of property made by will.
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.