|
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2722
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - John A. Fritchey SYNOPSIS AS INTRODUCED:
|
|
735 ILCS 5/12-901 |
from Ch. 110, par. 12-901 |
|
Amends the Code of Civil Procedure. Makes a technical change in provisions
concerning exemption of homesteads from enforcement of judgments.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB2722 |
|
LRB095 00831 AJO 20833 b |
|
|
| 1 |
| AN ACT concerning civil law.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Code of Civil Procedure is amended by |
| 5 |
| changing Section 12-901 as follows:
|
| 6 |
| (735 ILCS 5/12-901)
(from Ch. 110, par. 12-901)
|
| 7 |
| Sec. 12-901. Amount. Every individual
is entitled to an |
| 8 |
| estate of
homestead to the
the extent in value of $15,000 of |
| 9 |
| his or her
interest in
a farm or lot of land and
buildings |
| 10 |
| thereon, a condominium, or personal property,
owned or rightly |
| 11 |
| possessed by lease or otherwise
and occupied by him or her as a |
| 12 |
| residence, or in a cooperative that owns
property that the |
| 13 |
| individual uses as a residence. That
homestead and all
right in |
| 14 |
| and title to that homestead is exempt from
attachment, |
| 15 |
| judgment, levy,
or judgment sale for the payment of his or her |
| 16 |
| debts or other purposes and
from the laws of conveyance, |
| 17 |
| descent, and legacy, except as provided in this
Code or in |
| 18 |
| Section 20-6 of
the Probate Act of
1975. This
Section is not
|
| 19 |
| applicable
between joint tenants or tenants in common but it is |
| 20 |
| applicable as to any
creditors of those persons.
If 2 or more |
| 21 |
| individuals own property that is exempt as a homestead, the
|
| 22 |
| value of the exemption of each individual may not exceed his or |
| 23 |
| her
proportionate share of $30,000 based upon percentage of
|