[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_SB1265
LRB9109049DJsb
1 AN ACT to amend the Joint Tenancy Act by changing Section
2 1c.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Joint Tenancy Act is amended by changing
6 Section 1c as follows:
7 (765 ILCS 1005/1c) (from Ch. 76, par. 1c)
8 Sec. 1c. Whenever a devise, conveyance, assignment, or
9 other transfer of property, including a beneficial interest
10 in a land trust, maintained or intended for maintenance as a
11 homestead by both husband and wife together during coverture
12 shall be made and the instrument of devise, conveyance,
13 assignment, or transfer expressly declares that the devise or
14 conveyance is made to persons, named and expressly identified
15 in that instrument as husband and wife, not as joint tenants
16 or tenants in common but as tenants by the entirety, or if
17 the beneficial interest in a land trust is to be held by both
18 husband and wife as tenants by the entirety, the estate
19 created shall be deemed to be in tenancy by the entirety.
20 Subject to the provisions of paragraph (d) of Section 2 and
21 unless otherwise assented to in writing by both tenants by
22 the entirety, the estate in tenancy by the entirety so
23 created shall exist only if, and as long as, the tenants are
24 and remain married to each other, and upon the death of
25 either such tenant the survivor shall retain the entire
26 estate; provided that, upon a judgment of dissolution of
27 marriage or of declaration of invalidity of marriage, the
28 estate shall, by operation of law, become a tenancy in common
29 until and unless the court directs otherwise; provided
30 further that the estate shall, by operation of law, become a
31 joint tenancy upon the creation and maintenance by both
-2- LRB9109049DJsb
1 spouses together of other property as a homestead. A devise,
2 conveyance, assignment, or other transfer to 2 grantees who
3 are not in fact husband and wife that purports to create an
4 estate by the entirety shall be construed as having created
5 an estate in joint tenancy. An estate in tenancy by the
6 entirety may be created notwithstanding the fact that a
7 grantor is or the grantors are also named as a grantee or the
8 grantees in a deed. No deed, contract for deed, mortgage, or
9 lease of homestead property held in tenancy by the entirety
10 shall be effective unless signed by both tenants. This
11 Section shall not apply to nor operate to change the effect
12 of any devise or conveyance.
13 This amendatory Act of 1995 is declarative of existing
14 law.
15 (Source: P.A. 89-88, eff. 6-30-95; 89-438, eff. 12-15-95.)