2023 Illinois Compiled Statutes › Chapter 765 - PROPERTY › 765 ILCS 1005/ - Joint Tenancy Act.

(765 ILCS 1005/0.01) (from Ch. 76, par. 0.01)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Joint Tenancy Act.
(Source: P.A. 86-1324.)
(765 ILCS 1005/1) (from Ch. 76, par. 1)
Sec. 1. 
		
		No estate in joint tenancy in any lands, tenements or
hereditaments, or in any parts thereof or interest therein, shall be held
or claimed under any grant, legacy or conveyance whatsoever heretofore or
hereafter made, other than to executors and trustees, unless the premises
therein mentioned shall expressly be thereby declared to pass not in
tenancy in common but in joint tenancy; and every such estate other than to
executors and trustees (unless otherwise expressly declared as aforesaid,
or unless, as to a devise or conveyance of homestead property, expressly
declared to pass to a husband and wife as tenants by
the entirety in the manner provided by Section 1c),
shall be deemed to be in tenancy in common and all conveyances heretofore
made, or which hereafter may be made, wherein the premises therein
mentioned were or shall be expressly declared to pass not in tenancy in
common but in joint tenancy, are hereby declared to have created an estate
in joint tenancy with the accompanying right of survivorship the same as it
existed prior to the passage of "An Act to amend Section 1 of an Act
entitled: 'An Act to revise the law in relation to joint rights and
obligations,' approved February 25, 1874, in force July 1, 1874," approved
June 26, 1917.
(Source: P.A. 86-966.)
(765 ILCS 1005/1a) (from Ch. 76, par. 1a)
Sec. 1a. 
		
		Whenever any contract for the purchase of real estate hereafter
entered into shows that the title is to be taken by the vendees as joint
tenants and not as tenants in common, and one or more of such vendees die
before the delivery of the deed to such vendees, then in such case no heir,
legatee or legal representative of such deceased vendees
shall have or take
any right, title or interest under the contract or in such real estate, but
the obligation of the vendor or vendors under the contract (upon the
performance thereof) shall be to convey such real estate to such surviving
vendee or vendees, and if all such vendees die before such delivery then to
the heirs or legatees of the last survivor; but nothing herein contained
shall operate to change the effect of any assignment by any of the above
stated
vendees.
(Source: P.A. 84-549.)
(765 ILCS 1005/1b) (from Ch. 76, par. 1b)
Sec. 1b. 
		
		Whenever a grant or conveyance of lands, tenements, or
hereditaments shall be made where the instrument of grant or conveyance
does not create an estate in tenancy by the entirety in the manner
provided by Section 1c but declares that the estate created be not in
tenancy in common but with right of survivorship, or where such instrument
of grant or conveyance does not create an estate in tenancy by the entirety
in the manner provided by Section 1c but declares that the estate created
be not in tenancy in common but in joint tenancy, the estate so created
shall be an estate with right of survivorship notwithstanding the fact that
the grantor is or the grantors are also named as a grantee or as grantees
in said instrument of grant or conveyance. Said estate with right of
survivorship, so created, shall have all of the effects of a common law
joint tenancy estate.
This section shall not apply to nor operate to change the effect of any
grant or conveyance made prior to the effective date of this amendatory Act.
(Source: P.A. 86-966.)
(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 tenants by the
entirety, or if the beneficial interest in a land trust is to be held as
tenants by the entirety, the estate created shall be
deemed to be in tenancy by the
entirety.  Where the homestead is held in the name or names of a trustee or trustees of a revocable inter vivos trust or of revocable inter vivos trusts made by the settlors of such trust or trusts who are husband and wife, and the husband and wife are the primary beneficiaries of one or both of the trusts so created, and the deed or deeds conveying title to the homestead to the trustee or trustees of the trust or trusts specifically state that the interests of the husband and wife to the homestead property are to be held as tenants by the entirety, the estate created shall be deemed to be a 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. 96-1145, eff. 1-1-11.)
(765 ILCS 1005/2) (from Ch. 76, par. 2)
Sec. 2. Except as to executors and trustees, and except also where
by will or other instrument in writing expressing an intention to create
a joint tenancy in personal property with the right of survivorship, the
right or incident of survivorship as between joint tenants or owners of
personal property is hereby abolished, and all such joint tenancies or
ownerships shall, to all intents and purposes, be deemed tenancies in
common. However, the foregoing shall not be deemed
to impair or affect the rights, privileges and immunities set forth
in the following paragraphs (a), (b), (c), (d) and (e):
(a) When a deposit in any bank or trust company     transacting business in this State has been made or shall hereafter be made in the names of 2 or more persons payable to them when the account is opened or thereafter, the deposit or any part thereof or any interest or dividend thereon may be paid to any one of those persons whether the other or others be living or not, and when an agreement permitting such payment is signed by all those persons at the time the account is opened or thereafter the receipt or acquittance of the person so paid shall be valid and sufficient discharge from all parties to the bank for any payments so made.
(b) When shares of stock, bonds or other evidences of     indebtedness or of interest are or have been issued or registered by any corporation, association or other entity in the names of 2 or more persons as joint tenants with the right of survivorship, the corporation, association or other entity and their respective transfer agents may, upon the death of any one of the registered owners, transfer those shares of stock, bonds, or other evidences of indebtedness or of interest to or upon the order of the survivor or survivors of the registered owners, without inquiry into the existence, validity or effect of any will or other instrument in writing or the right of the survivor or survivors to receive the property, and without liability to any other person who might claim an interest in or a right to receive all or a portion of the property so transferred.
(c) When shares of stock, bonds, or other evidences     of indebtedness or of interest are or have been issued in the joint names of 2 or more persons or their survivors by corporations, including state chartered savings and loan associations, federal savings and loan associations, and state and federal credit unions, authorized to do business in this State, all payments on account thereof made then or thereafter, redemption, repurchase or withdrawal value or price, accumulations thereon, credits to, profits, dividends, or other rights thereon or  accruing thereto may be paid or delivered in whole or in part to any of those persons whether the other person or persons be living or not, and when an agreement permitting such payment or delivery is signed by all those persons at the time when the shares of stock, bonds or evidences of indebtedness or of interest were issued or thereafter, the payment or delivery to any such person, or a receipt or acquittance signed by any such person, to whom any such payment or any such delivery of rights is made, shall be a valid and sufficient release and discharge of any such corporation for the payment or delivery so made.
(d) When the title to real property is held in joint     tenancy by 2 or more persons or in tenancy by the entirety, and payment of compensation is made to any county treasurer for the taking or damaging of that real property in the manner provided for the exercise of the right of eminent domain under the Eminent Domain Act, or pursuant to any Act of the General Assembly now or hereafter enacted for the exercise of the sovereign power of eminent domain, the right of survivorship to the title in and to that real property shall be transferred to the money so paid to and in the hands of the county treasurer. However, upon application to the  county treasurer holding the money by any joint tenant for his proportionate share thereof, or by any tenant by the entirety for a one-half share thereof, he  shall receive the same from the county treasurer without the consent or approval of any other joint tenant, and the person making the application shall have no survivorship rights in the balance remaining in the hands of the county treasurer after deducting therefrom his proportionate share.
(e) When the property owned in joint tenancy is a     motor vehicle which is the subject of a title issued by the Secretary of State, the owners shown on the certificate of title shall enjoy the benefits of right of survivorship unless they elect otherwise.  A certificate of title which shows more than one name as owner shall give rise to a presumption of ownership in joint tenancy with right of survivorship.
Furthermore, any non-transferable United
States Savings Bond, debenture, note or other obligation of the United
States of America therein named shall, upon the death of the designated
person, if the bond or other obligation is now or hereafter
issued made payable to a designated person and upon his  death to another
person then outstanding, become the property of and be payable to the other
person therein named.  If any such non-transferable bond, debenture, note
or other obligation of the United States of America be made payable to
2 persons, in the alternative, the bond or other
obligation shall, upon the death of either person, if the bond
or other obligation is then outstanding, become the property of and be
payable to the survivor of them.
(Source: P.A. 94-1055, eff. 1-1-07.)
(765 ILCS 1005/2.1) (from Ch. 76, par. 2.1)
Sec. 2.1. 
		
		Whenever a transfer of tangible or intangible personal property  shall be made in which the estate or interest created shall be declared to
be an estate or interest not in tenancy in common, but in joint tenancy
with right of survivorship, notwithstanding the fact that the transferor is
or the transferors are also named as a transferee or as transferees, the
estate or interest so created shall have all of the effects of a common law
joint tenancy estate.
This section shall not apply to nor operate to change the effect of any
transfer made prior to the effective date of this amendatory Act.
(Source: Laws 1953, p. 115.)
(765 ILCS 1005/3) (from Ch. 76, par. 3)
Sec. 3. 
		
		Except as otherwise provided in this Act, all joint obligations and
covenants shall be taken and held to be joint and several obligations and
covenants.
(Source: Laws 1919, p. 633.)
(765 ILCS 1005/4) (from Ch. 76, par. 4)
Sec. 4. 
		
		If any person shall assume and exercise exclusive ownership over,
or take away, destroy, lessen in value, or otherwise injure or abuse any
property held in joint tenancy or tenancy in common, the party aggrieved
shall have his civil action for the injury in the same manner as he would
have if such joint tenancy or tenancy in common did not exist.
(Source: Laws 1935, p. 936.)
(765 ILCS 1005/4a) (from Ch. 76, par. 5)
Sec. 4a. 
		
		When one or more joint tenants, tenants in common or co-partners
in real estate, or any interest therein, shall take and use the profits or
benefits thereof, in greater proportion than his or their interest, such
person or persons, his or their executors and administrators, shall account
therefor to his or their cotenants jointly or severally.
(Source: Laws 1935, p. 936.)
(765 ILCS 1005/5)
Sec. 5. Real estate; real property.  As used in this Act, "real estate" and "real property" include a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code that is real property as defined in the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
(Source: P.A. 98-749, eff. 7-16-14.)