Property Ownership
A Mississippi property is held in a 'land trust.' In a land trust arrangement:
AThe government holds title for the benefit of the public
BA trustee holds legal title to the property while the beneficiaries (typically the actual owners) hold beneficial interest and maintain control✓ Correct
CThe property cannot be sold without court approval
DAll land trust properties are tax-exempt
Explanation
In a land trust (common in Illinois and some other states), a trustee holds legal title while the beneficiaries (the true owners) hold the beneficial interest and have the right to direct the trustee. Land trusts can provide privacy (the owner's name doesn't appear in public records) and estate planning benefits.
Related Mississippi Property Ownership Questions
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