Illinois Compiled Statutes 310 ILCS 60/8 – The provisions of this Act shall not apply to any of the following: a …
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 310 ILCS 60/8
- Devise: To gift property by will.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
The provisions of this Act shall not apply to any of the following: a government taking by eminent domain or negotiated purchase; a forced sale pursuant to a foreclosure; a transfer by gift, devise or operation of law; or an owner’s sale or other disposition of assisted housing in a manner pursuant to which the property after the sale or other disposition continues to be assisted housing as defined in this Act.