Illinois Compiled Statutes 755 ILCS 27/60 – Effect of transfer on death instrument during owner’s …
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Effect of transfer on death instrument during owner’s life.
(a) During an owner’s life, a transfer on death instrument does not:
(1) affect the right or interest of the owner,
(a) During an owner’s life, a transfer on death instrument does not:
Terms Used In Illinois Compiled Statutes 755 ILCS 27/60
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) affect the right or interest of the owner,
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any other owner, or an agent for the owner to sell, transfer, or encumber the real property;
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(2) affect an interest or right of a transferee,
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lienholder, mortgagee, or option holder even if the transferee, lienholder, mortgagee, or option holder has actual or constructive notice of the instrument;
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(3) affect an interest or right of a secured or
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unsecured creditor or future creditor of the owner, even if the creditor has actual or constructive notice of the instrument;
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(4) affect the owner’s or designated
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beneficiary’s eligibility for any form of public assistance;
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(5) create a legal or equitable interest in favor
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of the designated beneficiary; or
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(6) subject the real property to claims or
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process of a creditor of the designated beneficiary.
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(b) If after recording a transfer on death instrument, the owner makes a contract for the sale or transfer of the real property or some part thereof that is the subject of the transfer on death instrument and the whole or any part of the contract remains executory at the owner’s death, the disposition of the real property by the contract does not revoke the transfer on death instrument but the real property passes to the designated beneficiary or beneficiary subject to the contract.