(735 ILCS 5/12-904)
(from Ch. 110, par. 12-904)
Release, waiver or conveyance.
No release, waiver or conveyance of the estate so exempted shall be
valid, unless the same is in writing, signed by the individual
or her spouse, if he or she have one, or possession is abandoned or
given pursuant to the conveyance; or if the exception is continued to a
child or children without the order of a court directing a release
thereof; but if a conveyance is made by an individual
as grantor to his
or her spouse, such conveyance shall be effectual to pass the title
expressed therein to be conveyed thereby, whether or not the grantor in
such conveyance is joined therein by his or her spouse.
In any case
where such release, waiver or conveyance is taken by way of
mortgage or security, the same shall only be operative as to such
specific release, waiver or conveyance; and when the same includes
different pieces of land, or the homestead is of greater value than
$15,000, the other lands shall first be sold before resorting to
homestead, and in case of the sale of such homestead, if any balance
remains after the payment of the debt and costs, such balance
shall, to the extent of $15,000 be exempt, and be applied upon
homestead exemption in the manner provided by law.
(Source: P.A. 94-293, eff. 1-1-06.)