Chicago Title Land Trust Agreement

Section 275 of the Act (Ill. Rev. Stat. 1977, chap. 120, paragraph 756) authorizes the district authority, on behalf of the people of Illinois, to recover taxes charged on lost property. The question that arises in these cases is who is the owner of real estate held in a trust country that can be brought against the claim. Like the federal approach, taxation in Illinois also considers the realities of control and not the refinements of the title. In the Supervisors` Board of Directors (1875), 76 and 184, this court found that, although ownership was transferred to an entity to manage a university, that institution was not taxable because the property remained under state control. The court examined the title of the agents to determine the elements of control exercised by the State.

Title only concerns a legal relationship with the land, while ownership is comparable to control and another interest in the property is considered ownership of the property. Restatement (Second) of Trusts Sec. 2, Comment d, and Sec. 10, Comment a (1959). The key elements of ownership are control and the right to enjoy the benefits of ownership. This is particularly the case with tax legislation, where the taxpayer « assumes part of the costs incurred in protecting his person or assets *** ». (French Republic v. . . .

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