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92_SB2121
LRB9216103WHcs
1 AN ACT concerning property.
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 tenants by the entirety, or if the
14 beneficial interest in a land trust is to be held as tenants
15 by the entirety, the estate created shall be deemed to be in
16 tenancy by the entirety. Subject to the provisions of
17 paragraph (d) of Section 2 and unless otherwise assented to
18 in writing by both tenants by the entirety, the estate in
19 tenancy by the entirety so created shall exist only if, and
20 as long as, the tenants are and remain married to each other,
21 and upon the death of either such tenant the survivor shall
22 retain the entire estate; provided that, upon a judgment of
23 dissolution of marriage or of declaration of invalidity of
24 marriage, the estate shall, by operation of law, become a
25 tenancy in common until and unless the court directs
26 otherwise; provided further that the estate shall, by
27 operation of law, become a joint tenancy upon the creation
28 and maintenance by both spouses together of other property as
29 a homestead. A devise, conveyance, assignment, or other
30 transfer to 2 grantees who are not in fact husband and wife
31 that purports to create an estate by the entirety shall be
-2- LRB9216103WHcs
1 construed as having created an estate in joint tenancy. An
2 estate in tenancy by the entirety may be created
3 notwithstanding the fact that a grantor is or the grantors
4 are also named as a grantee or the grantees in a deed. No
5 deed, contract for deed, mortgage, or lease of homestead
6 property held in tenancy by the entirety shall be effective
7 unless signed by both tenants. This Section shall not apply
8 to nor operate to change the effect of any devise or
9 conveyance.
10 This amendatory Act of 1995 is declarative of existing
11 law.
12 (Source: P.A. 92-136, eff. 1-1-02.)