94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5309


 
Introduced 01/25/06, by Rep. Kathleen A. Ryg
 
SYNOPSIS AS INTRODUCED:
 		














765 ILCS 1005/1c
  from Ch. 76, par. 1c







    Amends the Joint Tenancy Act.
Provides that if the beneficial interest in a revocable trust is to be held as tenants by the entirety, the estate created shall be deemed to be in tenancy by the entirety.
















LRB094 15964 AJO 51194 b

















 


 


A BILL FOR









 











HB5309

LRB094 15964 AJO 51194 b






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    AN ACT concerning property.

 
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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 Joint Tenancy Act is amended  by changing 
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Section 1c as follows:
 



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    (765 ILCS 1005/1c)  (from Ch. 76, par. 1c)



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    Sec. 1c. Whenever a devise, conveyance, assignment, or 
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other transfer of
property, including a beneficial interest in 
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a land trust or a beneficial interest in a revocable trust, 
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maintained or
intended for
maintenance as a homestead by both 
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husband and wife together during
coverture shall be made and 
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the instrument of devise, conveyance, assignment,
or transfer 
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expressly declares that the devise or conveyance is made
to 
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tenants by the
entirety, or if the beneficial interest in a 
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land trust is to be held as
tenants by the entirety, or if the 
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beneficial interest in a revocable trust is to be held as 
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tenants by the entirety, or if husband holds the beneficial 
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interest in a revocable trust and wife also holds the 
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beneficial interest in a revocable trust and if the beneficial 
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interest in each revocable trust is to be held as tenants by 
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the entirety, the estate created shall be
deemed to be in 
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tenancy by the
entirety.  Subject to the provisions of paragraph 
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(d) of Section 2 and
unless otherwise assented to in writing by 
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both tenants by the entirety,
the estate in tenancy by the 
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entirety so created shall exist only if,
and as long as, the 
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tenants are and remain married to each other, and upon
the 
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death of either such tenant the survivor shall retain the 
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entire
estate; provided that, upon a judgment of dissolution of 
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marriage or of
declaration of invalidity of marriage, the 
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estate shall, by operation of
law, become a tenancy in common 
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until and unless the court directs
otherwise; provided further 
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that the estate shall, by operation of law,
become a joint 
 


 






HB5309
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LRB094 15964 AJO 51194 b




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tenancy upon the creation and maintenance by both spouses

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together of other property as a homestead.  A devise, 
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conveyance,
assignment, or other transfer to 2 grantees who are 
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not in fact husband and
wife that purports to create an estate 
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by the entirety shall be construed as
having created an estate 
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in joint tenancy.  An estate in tenancy by the
entirety may be 
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created notwithstanding the fact that a grantor is or the

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grantors are also named as a grantee or the grantees in a deed.  
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No deed,
contract for deed, mortgage, or lease of homestead 
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property held in tenancy
by the entirety shall be effective 
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unless signed by both tenants.  This
Section shall not apply to 
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nor operate to change the effect of any devise
or conveyance.

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    This amendatory Act of 1995 is declarative of existing law.

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(Source: P.A. 92-136, eff. 1-1-02.)