(760 ILCS 15/15) (from Ch. 30, par. 515)
Sec. 15. Non-trust estates.
(a) The provisions of this Act, as far as applicable, shall apply to
nontrust estates subject to any agreement of the parties or any specific
direction by statute or otherwise, and the references to trusts and
trustees shall be read as applying to nontrust estates and to legal tenants
(including life tenants, tenants for terms of years, or any other period of
tenancy) and remaindermen as the context requires; except that if either a
legal tenant or a remainderman has incurred a charge for his benefit
without the consent or agreement of the other, he shall pay that charge
in full.
(b) If the costs of an improvement, including special taxes or
assessments, representing an addition to value of property forming part of
the principal cannot reasonably be expected to outlast the legal tenancy,
the costs shall be paid by the legal tenant. If the improvement can
reasonably be expected to outlast the legal tenancy, only a portion of the
costs shall be paid by the legal tenant and the balance by the
remainderman. The portion payable by the legal tenant shall be that
fraction of the total found by dividing the present value of the legal
tenancy by the present value of an estate of the same form as that of the
legal tenancy but limited to a period corresponding to the reasonably
expected duration of the improvement. The computation of present value of
the legal tenancy shall be computed on the basis of two-thirds of the value
determined by use of the tables set forth under Section 7520 of the
Internal Revenue Code of 1986 and the regulations thereunder for the
calculation of the values of annuities, life estates, and terms for years,
and no other evidence of duration or expectancy shall be considered, except
that any legal tenancy or remainder interest acquired for consideration
based on those tables shall be computed on the basis of the tables in
effect at the time acquired. The method of computing the present value of
a legal tenancy established in this subsection shall apply to all legal
tenancies and remainders created after January 1, 1992 and to all legal
tenancies and remainders which were acquired for consideration if the
amount of the consideration was based on the tables set forth under Section
2031 or 7520 of the Internal Revenue Code then in effect.
(c) If a legal tenant has leased any lands for agricultural or farming
operations and his legal tenancy terminates on or after the day any rent
has become due and payable, he or his representative is entitled to recover
that rent from the lessee; and if a legal tenancy terminates before the
rent under the lease is fully paid, the legal tenant or his representative
is entitled to recover from the lessee:
(1) that portion of the rent not due which the number |