Full Text of HB5047 100th General Assembly
HB5047enr 100TH GENERAL ASSEMBLY |
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| 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 Probate Act of 1975 is amended by changing | 5 | | Sections 4a-5 and 4a-10 as follows: | 6 | | (755 ILCS 5/4a-5) | 7 | | Sec. 4a-5. Definitions. As used in this Article: | 8 | | (1) "Caregiver" means a person who voluntarily, or in | 9 | | exchange for compensation, has assumed responsibility for all | 10 | | or a portion of the care of another person who needs assistance | 11 | | with activities of daily living. "Caregiver" includes a | 12 | | caregiver's spouse, cohabitant, child, or employee. | 13 | | "Caregiver" does not include a family member of the person | 14 | | receiving assistance. | 15 | | (2) "Family member" means a spouse, civil union partner, | 16 | | child, grandchild, sibling, aunt, uncle, niece, nephew, first | 17 | | cousin, or parent of the person receiving assistance. | 18 | | (3) "Transfer instrument" means the legal document | 19 | | intended to effectuate a transfer effective on or after the | 20 | | transferor's death and includes, without limitation, a will, | 21 | | trust, transfer on death instrument, deed, form designated as | 22 | | payable on death, contract, or other beneficiary designation | 23 | | form. |
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| 1 | | (4) "Transferee" means a legatee, a beneficiary of a trust, | 2 | | a grantee of a deed, or any other person designated in a | 3 | | transfer instrument to receive a nonprobate transfer. | 4 | | (5) "Transferor" means a testator, settlor, grantor of a | 5 | | deed, or a decedent whose interest is transferred pursuant to a | 6 | | nonprobate transfer.
| 7 | | (Source: P.A. 98-1093, eff. 1-1-15 .) | 8 | | (755 ILCS 5/4a-10) | 9 | | Sec. 4a-10. Presumption of void transfer. | 10 | | (a) In any civil action in which a transfer instrument is | 11 | | being challenged, there is a rebuttable presumption, except as | 12 | | provided in Section 4a-15, that the transfer instrument is void | 13 | | if the transferee is a caregiver and the fair market value of | 14 | | the transferred property exceeds $20,000. | 15 | | (b) Unless a shorter limitations period is required by | 16 | | Section 8-1 or 18-12 of this Act, any action under this Section | 17 | | shall be filed within 2 years of the date of death of the | 18 | | transferor.
| 19 | | (c) If the property in question is an interest in real | 20 | | property, a bona fide purchaser or mortgagee for value shall | 21 | | take the subject property free and clear of the action | 22 | | challenging the transfer instrument if the transfer to the bona | 23 | | fide purchaser or mortgagee for value occurs prior to the | 24 | | recordation of a lis pendens for an action under this Section. | 25 | | (d) If the holder of property subject to this Article is a |
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| 1 | | financial institution, trust company, trustee, or similar | 2 | | entity or person, including a subsidiary or affiliate thereof, | 3 | | it is not liable for distributing or releasing the property to | 4 | | the transferee, if: | 5 | | (1) in the case of funds in an account maintained by | 6 | | the holder, the distribution or release occurs prior to the | 7 | | date the holder imposes a prompt administrative freeze of | 8 | | the account after the holder's registered agent for service | 9 | | of process has first received actual written notice that a | 10 | | complaint has been filed challenging the transfer | 11 | | instrument, which notice must include a copy of the | 12 | | complaint; or | 13 | | (2) in the case of any other property, the distribution | 14 | | or release occurs prior to the date the holder's registered | 15 | | agent for service of process receives actual written notice | 16 | | that a complaint has been filed challenging the transfer | 17 | | instrument, which notice must include a copy of the | 18 | | complaint with sufficient time for the holder to act upon | 19 | | the notice. | 20 | | (e) The administrative freeze of an account described in | 21 | | paragraph (1) of subsection (d) shall be implemented promptly. | 22 | | In determining whether the administrative freeze was | 23 | | implemented promptly, the Court shall take into consideration | 24 | | the manner, time, and place of service and other factors | 25 | | reasonably affecting the financial institution's ability to | 26 | | promptly freeze the account. |
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| 1 | | (Source: P.A. 98-1093, eff. 1-1-15 .)
| 2 | | Section 99. Effective date. This Act takes effect upon | 3 | | becoming law.
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