State of Illinois
92^nd General Assembly
Legislation

   [ Search ]   [ PDF text ]   [ Legislation ]   
[ Home ]   [ Back ]   [ Bottom ]

92_HB1060enr

 
HB1060 Enrolled                                LRB9204539ARsb

 1        AN ACT concerning property law.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The Joint Tenancy Act is amended by changing
 5    Section 1c as follows:

 6        (765 ILCS 1005/1c) (from Ch. 76, par. 1c)
 7        Sec. 1c.  Whenever a devise, conveyance,  assignment,  or
 8    other  transfer  of property, including a beneficial interest
 9    in a land trust, maintained or intended for maintenance as  a
10    homestead  by both husband and wife together during coverture
11    shall be made  and  the  instrument  of  devise,  conveyance,
12    assignment, or transfer expressly declares that the devise or
13    conveyance is made to persons, named and expressly identified
14    in  that instrument as husband and wife, not as joint tenants
15    or tenants in common but as tenants by the  entirety,  or  if
16    the beneficial interest in a land trust is to be held by both
17    husband  and  wife  as  tenants  by  the entirety, the estate
18    created shall be deemed to be in  tenancy  by  the  entirety.
19    Subject  to  the provisions of paragraph (d) of Section 2 and
20    unless otherwise assented to in writing by  both  tenants  by
21    the  entirety,  the  estate  in  tenancy  by  the entirety so
22    created shall exist only if, and as long as, the tenants  are
23    and  remain  married  to  each  other,  and upon the death of
24    either such tenant  the  survivor  shall  retain  the  entire
25    estate;  provided  that,  upon  a  judgment of dissolution of
26    marriage or of declaration of  invalidity  of  marriage,  the
27    estate shall, by operation of law, become a tenancy in common
28    until  and  unless  the  court  directs  otherwise;  provided
29    further  that the estate shall, by operation of law, become a
30    joint tenancy upon  the  creation  and  maintenance  by  both
31    spouses together of other property as a homestead.  A devise,
 
HB1060 Enrolled             -2-                LRB9204539ARsb
 1    conveyance,  assignment,  or other transfer to 2 grantees who
 2    are not in fact husband and wife that purports to  create  an
 3    estate  by  the entirety shall be construed as having created
 4    an estate in joint tenancy.  An  estate  in  tenancy  by  the
 5    entirety  may  be  created  notwithstanding  the  fact that a
 6    grantor is or the grantors are also named as a grantee or the
 7    grantees in a deed.  No deed, contract for deed, mortgage, or
 8    lease of homestead property held in tenancy by  the  entirety
 9    shall  be  effective  unless  signed  by  both tenants.  This
10    Section shall not apply to nor operate to change  the  effect
11    of any devise or conveyance.
12        This  amendatory  Act  of 1995 is declarative of existing
13    law.
14    (Source: P.A. 89-88, eff. 6-30-95; 89-438, eff. 12-15-95.)

[ Top ]