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Public Act 92-0136
HB1060 Enrolled LRB9204539ARsb
AN ACT concerning property law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Joint Tenancy Act is amended by changing
Section 1c as follows:
(765 ILCS 1005/1c) (from Ch. 76, par. 1c)
Sec. 1c. Whenever a devise, conveyance, assignment, or
other transfer of property, including a beneficial interest
in a land trust, maintained or intended for maintenance as a
homestead by both husband and wife together during coverture
shall be made and the instrument of devise, conveyance,
assignment, or transfer expressly declares that the devise or
conveyance is made to persons, named and expressly identified
in that instrument as husband and wife, not as joint tenants
or tenants in common but as tenants by the entirety, or if
the beneficial interest in a land trust is to be held by both
husband and wife as tenants by the entirety, the estate
created shall be deemed to be in tenancy by the entirety.
Subject to the provisions of paragraph (d) of Section 2 and
unless otherwise assented to in writing by both tenants by
the entirety, the estate in tenancy by the entirety so
created shall exist only if, and as long as, the tenants are
and remain married to each other, and upon the death of
either such tenant the survivor shall retain the entire
estate; provided that, upon a judgment of dissolution of
marriage or of declaration of invalidity of marriage, the
estate shall, by operation of law, become a tenancy in common
until and unless the court directs otherwise; provided
further that the estate shall, by operation of law, become a
joint tenancy upon the creation and maintenance by both
spouses together of other property as a homestead. A devise,
conveyance, assignment, or other transfer to 2 grantees who
are not in fact husband and wife that purports to create an
estate by the entirety shall be construed as having created
an estate in joint tenancy. An estate in tenancy by the
entirety may be created notwithstanding the fact that a
grantor is or the grantors are also named as a grantee or the
grantees in a deed. No deed, contract for deed, mortgage, or
lease of homestead property held in tenancy by the entirety
shall be effective unless signed by both tenants. This
Section shall not apply to nor operate to change the effect
of any devise or conveyance.
This amendatory Act of 1995 is declarative of existing
law.
(Source: P.A. 89-88, eff. 6-30-95; 89-438, eff. 12-15-95.)
Passed in the General Assembly May 03, 2001.
Approved July 24, 2001.
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