Full Text of HB3598 095th General Assembly
HB3598 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB3598
Introduced 2/28/2007, by Rep. Franco Coladipietro - Sidney H. Mathias SYNOPSIS AS INTRODUCED: |
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765 ILCS 1005/1c |
from Ch. 76, par. 1c |
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Amends the Joint Tenancy Act.
Provides that if the beneficial interest in a revocable trust is to be held as tenants by the entirety, the estate created shall be deemed to be in tenancy by the entirety.
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A BILL FOR
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HB3598 |
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LRB095 09889 AJO 30100 b |
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| AN ACT concerning property.
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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 Joint Tenancy Act is amended by changing | 5 |
| Section 1c as follows:
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| (765 ILCS 1005/1c) (from Ch. 76, par. 1c)
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| Sec. 1c. Whenever a devise, conveyance, assignment, or | 8 |
| other transfer of
property, including a beneficial interest in | 9 |
| a land trust or a beneficial interest in a revocable trust , | 10 |
| maintained or
intended for
maintenance as a homestead by both | 11 |
| husband and wife together during
coverture shall be made and | 12 |
| the instrument of devise, conveyance, assignment,
or transfer | 13 |
| expressly declares that the devise or conveyance is made
to | 14 |
| tenants by the
entirety, or if the beneficial interest in a | 15 |
| land trust is to be held as
tenants by the entirety, or if the | 16 |
| beneficial interest in a revocable trust is to be held as | 17 |
| tenants by the entirety, or if husband holds the beneficial | 18 |
| interest in a revocable trust and wife also holds the | 19 |
| beneficial interest in a revocable trust and if the beneficial | 20 |
| interest in each revocable trust is to be held as tenants by | 21 |
| the entirety, the estate created shall be
deemed to be in | 22 |
| tenancy by the
entirety. Subject to the provisions of paragraph | 23 |
| (d) of Section 2 and
unless otherwise assented to in writing by |
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HB3598 |
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LRB095 09889 AJO 30100 b |
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| both tenants by the entirety,
the estate in tenancy by the | 2 |
| entirety so created shall exist only if,
and as long as, the | 3 |
| tenants are and remain married to each other, and upon
the | 4 |
| death of either such tenant the survivor shall retain the | 5 |
| entire
estate; provided that, upon a judgment of dissolution of | 6 |
| marriage or of
declaration of invalidity of marriage, the | 7 |
| estate shall, by operation of
law, become a tenancy in common | 8 |
| until and unless the court directs
otherwise; provided further | 9 |
| that the estate shall, by operation of law,
become a joint | 10 |
| tenancy upon the creation and maintenance by both spouses
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| together of other property as a homestead. A devise, | 12 |
| conveyance,
assignment, or other transfer to 2 grantees who are | 13 |
| not in fact husband and
wife that purports to create an estate | 14 |
| by the entirety shall be construed as
having created an estate | 15 |
| in joint tenancy. An estate in tenancy by the
entirety may be | 16 |
| created notwithstanding the fact that a grantor is or the
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| grantors are also named as a grantee or the grantees in a deed. | 18 |
| No deed,
contract for deed, mortgage, or lease of homestead | 19 |
| property held in tenancy
by the entirety shall be effective | 20 |
| unless signed by both tenants. This
Section shall not apply to | 21 |
| nor operate to change the effect of any devise
or conveyance.
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| This amendatory Act of 1995 is declarative of existing law.
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| (Source: P.A. 92-136, eff. 1-1-02.)
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