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| Public Act 100-1059 | ||||
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Probate Act of 1975 is amended by changing | ||||
Sections 4a-5 and 4a-10 as follows: | ||||
(755 ILCS 5/4a-5) | ||||
Sec. 4a-5. Definitions. As used in this Article: | ||||
(1) "Caregiver" means a person who voluntarily, or in | ||||
exchange for compensation, has assumed responsibility for all | ||||
or a portion of the care of another person who needs assistance | ||||
with activities of daily living. "Caregiver" includes a | ||||
caregiver's spouse, cohabitant, child, or employee. | ||||
"Caregiver" does not include a family member of the person | ||||
receiving assistance. | ||||
(2) "Family member" means a spouse, civil union partner, | ||||
child, grandchild, sibling, aunt, uncle, niece, nephew, first | ||||
cousin, or parent of the person receiving assistance. | ||||
(3) "Transfer instrument" means the legal document | ||||
intended to effectuate a transfer effective on or after the | ||||
transferor's death and includes, without limitation, a will, | ||||
trust, transfer on death instrument, deed, form designated as | ||||
payable on death, contract, or other beneficiary designation | ||||
form. | ||||
(4) "Transferee" means a legatee, a beneficiary of a trust, | ||
a grantee of a deed, or any other person designated in a | ||
transfer instrument to receive a nonprobate transfer. | ||
(5) "Transferor" means a testator, settlor, grantor of a | ||
deed, or a decedent whose interest is transferred pursuant to a | ||
nonprobate transfer.
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(Source: P.A. 98-1093, eff. 1-1-15.) | ||
(755 ILCS 5/4a-10) | ||
Sec. 4a-10. Presumption of void transfer. | ||
(a) In any civil action in which a transfer instrument is | ||
being challenged, there is a rebuttable presumption, except as | ||
provided in Section 4a-15, that the transfer instrument is void | ||
if the transferee is a caregiver and the fair market value of | ||
the transferred property exceeds $20,000. | ||
(b) Unless a shorter limitations period is required by | ||
Section 8-1 or 18-12 of this Act, any action under this Section | ||
shall be filed within 2 years of the date of death of the | ||
transferor.
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(c) If the property in question is an interest in real | ||
property, a bona fide purchaser or mortgagee for value shall | ||
take the subject property free and clear of the action | ||
challenging the transfer instrument if the transfer to the bona | ||
fide purchaser or mortgagee for value occurs prior to the | ||
recordation of a lis pendens for an action under this Section. | ||
(d) If the holder of property subject to this Article is a | ||
financial institution, trust company, trustee, or similar | ||
entity or person, including a subsidiary or affiliate thereof, | ||
it is not liable for distributing or releasing the property to | ||
the transferee, if: | ||
(1) in the case of funds in an account maintained by | ||
the holder, the distribution or release occurs prior to the | ||
date the holder imposes a prompt administrative freeze of | ||
the account after the holder's registered agent for service | ||
of process has first received actual written notice that a | ||
complaint has been filed challenging the transfer | ||
instrument, which notice must include a copy of the | ||
complaint; or | ||
(2) in the case of any other property, the distribution | ||
or release occurs prior to the date the holder's registered | ||
agent for service of process receives actual written notice | ||
that a complaint has been filed challenging the transfer | ||
instrument, which notice must include a copy of the | ||
complaint with sufficient time for the holder to act upon | ||
the notice. | ||
(e) The administrative freeze of an account described in | ||
paragraph (1) of subsection (d) shall be implemented promptly. | ||
In determining whether the administrative freeze was | ||
implemented promptly, the Court shall take into consideration | ||
the manner, time, and place of service and other factors | ||
reasonably affecting the financial institution's ability to | ||
promptly freeze the account. | ||
(Source: P.A. 98-1093, eff. 1-1-15.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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