Legal Opinion
Stable Investments Partnership v. Thomas Vilsack
Court of Appeals for the Seventh Circuit
Decided January 5, 2015No. 14-1712PublishedCited by 12 opinions
1Opinion of the Court
ROVNER, Circuit Judge.
Stable Investments Partnership (“Stable” or the “partnership”) is the beneficiary of an Illinois land trust that holds title to farmland in Livingston County, Illinois. The land is leased to an operator who farms the land and shares the revenue with the trust. As the trust beneficiary, Stable formally holds only a personal property interest in the income generated by the farmland and neither legal nor equitable title to the land itself; title to the property instead is held by the bank which has been designated the trustee. Stable contends nonetheless that it should be…
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