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BILL PAYMENT DISCLOSURE 
 

    The Trust Department of Grundy Bank is unique because it is headquartered at our Main Bank location in downtown Morris.  Trust Officer, Cyndy Sampson, can provide answers immediately.  There is no waiting for information to arrive from anther county or state.  Cyndy has access to each file whenever information needs to be assembled or a question arises.

    The Trust Department manages a variety of trusts, i.e. Life Insurance Trusts, Trusts under Wills, Trusts under Agreements, Trusts under Court Order, Guardian for Disabled Persons or Minors, Executor, Administrator or Personal Representative of Estates, Escrows, Agency Money Market Accounts, and Farm Management, as well as Land Trusts.

    When Grundy Bank acts as trustee in a fiduciary capacity, we will perform the duties required under the written trust instrument or court order.   These duties normally include keeping the assets invested, making distributions of income to or for the benefit of the beneficiary, preparing quarterly reports, and making sure the necessary fiduciary income tax returns are prepared.

    An Illinois Land Trust is a device for holding title and conveying title to real estate.  Under a Land Trust Agreement, title to real estate is held by the Trustee.  The use and enjoyment of the property is retained by the beneficiary of the Land Trust.  Although legal title is transferred to the Trustee, the Trustee can act only upon the written direction of the beneficiary.  Typical duties which the Trustee can perform at the written direction of the beneficiary include holding title to parcels of real estate, execution and delivery of mortgages, notes, leases, assignments of rent, deeds, etcetera.  Property which is transferred into the Land Trust may be presently owned by the beneficiary or, in the case of newly purchased property, may be transferred directly to the Trustee by the seller upon written direction of the buyer/beneficiary.   In any event, the beneficiary retains complete control over the real estate.   A Land Trust may be terminated at any time and additional real estate may be added at any time, however, an Illinois Land Trust may only accept Illinois real estate.

    A fee schedule for the various trust entities will be furnished upon request.   Please call Cyndy Sampson at (815) 942-0130 or e-mail her at csampson@grundybank.com for details.

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Last Updated Monday, July 21, 2008 09:11:42 AM
Customer Service:  815-942-0130