Property Ownership
Under Illinois law, a land trust differs from other forms of property ownership primarily because:
AThe beneficiary's identity is publicly recorded
BTitle is held by a corporate trustee and the beneficiary's identity remains private✓ Correct
CIt can only be used for commercial properties
DIt automatically converts to joint tenancy after 10 years
Explanation
An Illinois land trust is a unique form of ownership in which a corporate trustee (often a bank or title company) holds legal title to the property. The beneficiary retains all rights to manage and benefit from the property but the beneficiary's identity is not publicly recorded, providing privacy.
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