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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:
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735 ILCS 5/12-901 |
from Ch. 110, par. 12-901 |
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Amends the Code of Civil Procedure. Makes a technical change in provisions
concerning exemption of homesteads from enforcement of judgments.
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A BILL FOR
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HB2722 |
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LRB095 00831 AJO 20833 b |
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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 Code of Civil Procedure is amended by |
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| changing Section 12-901 as follows:
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| (735 ILCS 5/12-901)
(from Ch. 110, par. 12-901)
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| Sec. 12-901. Amount. Every individual
is entitled to an |
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| estate of
homestead to the
the extent in value of $15,000 of |
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| his or her
interest in
a farm or lot of land and
buildings |
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| thereon, a condominium, or personal property,
owned or rightly |
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| possessed by lease or otherwise
and occupied by him or her as a |
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| residence, or in a cooperative that owns
property that the |
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| individual uses as a residence. That
homestead and all
right in |
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| and title to that homestead is exempt from
attachment, |
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| judgment, levy,
or judgment sale for the payment of his or her |
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| debts or other purposes and
from the laws of conveyance, |
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| descent, and legacy, except as provided in this
Code or in |
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| Section 20-6 of
the Probate Act of
1975. This
Section is not
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| applicable
between joint tenants or tenants in common but it is |
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| applicable as to any
creditors of those persons.
If 2 or more |
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| individuals own property that is exempt as a homestead, the
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| value of the exemption of each individual may not exceed his or |
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| her
proportionate share of $30,000 based upon percentage of
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