Illinois Compiled Statutes 755 ILCS 75/2 – Definitions
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In this Act:
(1) “Ascendant” means an individual who precedes another individual in lineage, in the direct line of ascent from the other individual.
(2) “Collateral” means an individual who is related to another individual under the law of intestate succession of this State but who is not the other individual’s ascendant or descendant.
(3) “Descendant” means an individual who follows another individual in lineage, in the direct line of descent from the other individual.
(4) “Determination of value” means a court order determining the fair market value of heirs property under Section 6 or 10 or adopting the valuation of the property agreed to by all cotenants.
(5) “Heirs property” means real property held in tenancy in common which satisfies all of the following requirements as of the filing of a partition action:
(A) there is no agreement in a record binding all the
(1) “Ascendant” means an individual who precedes another individual in lineage, in the direct line of ascent from the other individual.
Terms Used In Illinois Compiled Statutes 755 ILCS 75/2
- 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
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Intestate: Dying without leaving a will.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
(2) “Collateral” means an individual who is related to another individual under the law of intestate succession of this State but who is not the other individual’s ascendant or descendant.
(3) “Descendant” means an individual who follows another individual in lineage, in the direct line of descent from the other individual.
(4) “Determination of value” means a court order determining the fair market value of heirs property under Section 6 or 10 or adopting the valuation of the property agreed to by all cotenants.
(5) “Heirs property” means real property held in tenancy in common which satisfies all of the following requirements as of the filing of a partition action:
(A) there is no agreement in a record binding all the
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cotenants which governs the partition of the property;
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(B) one or more of the cotenants acquired title from
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a relative or, if a cotenant is an entity, from a relative of a beneficiary, shareholder, partner, or member of the entity, whether such relative is living or deceased; and
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(C) Any of the following applies:
(i) 20 percent or more of the interests are held
(i) 20 percent or more of the interests are held
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by cotenants who are relatives;
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(ii) 20 percent or more of the interests are held
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by a cotenant who acquired title from a relative, whether living or deceased; or
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(iii) 20 percent or more of the cotenants are
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relatives.
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(6) “Fair market value” means the cash price at which the heirs property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.
(7) “Partition by sale” means a court-ordered sale of all or a portion of the heirs property conducted under Section 10.
(8) “Partition in kind” means the division of heirs property into physically distinct and separately titled parcels.
(9) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(10) “Relative” means an ascendant, descendant, or collateral or an individual otherwise related to another individual by blood, marriage, adoption, or law of this State other than this Act.
(7) “Partition by sale” means a court-ordered sale of all or a portion of the heirs property conducted under Section 10.
(8) “Partition in kind” means the division of heirs property into physically distinct and separately titled parcels.
(9) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(10) “Relative” means an ascendant, descendant, or collateral or an individual otherwise related to another individual by blood, marriage, adoption, or law of this State other than this Act.