(logo) Attorneys' Title Guaranty Fund Inc.

Legislative Updates

Illinois

Tenancy by the Entirety

PA 96-1145, House Bill 5282. Effective Date: July 21, 2010. Amends 735 ILCS 5/2-112; 765 ILCS 1005/1c.

This Act alters the legal definition of the tenancy by the entirety under Illinois law. First, the Act amends 735 ILCS 5/2-112, which describes what property is liable to be sold to enforce a judgment. Previously, this section prohibited sale of real property or a beneficial interest in a land trust from being sold for a judgment against only one party who owned the land in tenancy by the entirety with another party. This Act further prohibits the sale of property held by tenancy by the entirety if it is real property in revocableinter vivostrusts held for the estate planning purposes.

Second, this Act alters the Joint Tenancy Act at 765 ILCS 1005/1c. That section describes the creation of a tenancy by the entirety. Previously, it stated that a transfer of property to a husband and wife to be maintained as a homestead using statutory language would create a tenancy by the entirety in that property. This Act expands the creation of a tenancy by the entirety so that a tenancy by the entirety is created where a husband and wife are settlers and beneficiaries of a revocableinter vivostrust, and they deed a homestead to the trustee with the specific provision that the estate to be created is a tenancy by the entirety.

© ATG|Casenotes/Bulletin 1008_v3n7

[Last update: 8-26-10]