Illinois Compiled Statutes 765 ILCS 420 Land Trust Recordation and Transfer Tax Act. Section 4

    (765 ILCS 420/4) (from Ch. 30, par. 804)

    Sec. 4. Any trustee who knowingly violates this Act is guilty of a Class C misdemeanor and shall be liable to the State and any unit of local government for any taxes which would have been payable to the State or the unit of local government had the trustee complied with this Act, plus 20% interest on such amount, accruing from the date the trust document was executed.

(Source: P.A. 84-858.)

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Last modified: February 18, 2015