Legal Question in Real Estate Law in Illinois
Defunct land trust
My wife and I are part owners in a land trust. This land trust was created to hold the 30 shares of the property which happens to be a centerpiece of an apartment complex (laundromat, pool, office, common area). In the rules of the land trust owners must be financially responsible for the upkeep etc. of said property or their shares are dissolved back to the land trust. Several owners refuse to pay their share, so what legal action could we take to dissolve their shares? Illinois property.
1 Answer from Attorneys
Re: Defunct land trust
Your wishes would require court action to enforce the terms of the trust agreement. That means essentially the principal trustee or other beneficiaries of the trust would sue the parties that are not meeting their obligations. The relief asked from the court would be an order either requiring the parties to live up to their duties or have the shares revert according to the agreement.
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