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90_HB3471
765 ILCS 1005/1d new
765 ILCS 1005/2.2 new
Amends the Joint Tenancy Act. Provides that a real
estate mortgage (or a security interest under the Uniform
Commercial Code) on or against the interest of a joint tenant
does not defeat the right of survivorship if the joint tenant
dies. Provides that the surviving joint tenants take the
interest that the deceased joint tenant could have
transferred before death, subject to the mortgage (or
security interest). Applies to interests of joint tenants
who die on or after the effective date of this amendatory
Act. Effective immediately.
LRB9008930WHmg
LRB9008930WHmg
1 AN ACT to amend the Joint Tenancy Act by adding Sections
2 1d and 2.2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Joint Tenancy Act is amended by adding
6 Sections 1d and 2.2 as follows:
7 (765 ILCS 1005/1d new)
8 Sec. 1d. Death of a joint tenant; effect of mortgage. A
9 real estate mortgage on or against the interest of a joint
10 tenant does not defeat the right of survivorship in the event
11 of the death of the joint tenant, but the surviving joint
12 tenant or tenants take the interest that the deceased joint
13 tenant could have transferred before death subject to the
14 mortgage. This Section applies to the interest of a joint
15 tenant dying on or after the effective date of this
16 amendatory Act of 1998.
17 (765 ILCS 1005/2.2 new)
18 Sec. 2.2. Death of a joint tenant; effect of security
19 interest. A security interest under the Uniform Commercial
20 Code on or against the interest of a joint tenant does not
21 defeat the right of survivorship in the event of the death of
22 a joint tenant, but the surviving joint tenant or tenants
23 take the interest the deceased joint tenant could have
24 transferred before death subject to the security interest.
25 This Section applies to the interest of a joint tenant dying
26 on or after the effective date of this amendatory Act of
27 1998.
28 Section 99. Effective date. This Act takes effect upon
29 becoming law.