Illinois Compiled Statutes 755 ILCS 27/90 – Limitations and bona fide transfers
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(a) An action to set aside or contest the validity of a transfer on death instrument shall be commenced within the earlier of 2 years after the date of the owner’s death or 6 months from the date letters of office are issued pursuant to the Probate Act of 1975.
(b) A bona fide purchaser or mortgagee for value shall take the real property free and clear of any action, claim, liability, or contest if the transfer to the bona fide purchaser or mortgagee for value occurs prior to the recording of a lis pendens under Section 2-1901 of the Code of Civil Procedure or prior to the filing of the a notice of renunciation pursuant to Section 66 of this Act.
(b) A bona fide purchaser or mortgagee for value shall take the real property free and clear of any action, claim, liability, or contest if the transfer to the bona fide purchaser or mortgagee for value occurs prior to the recording of a lis pendens under Section 2-1901 of the Code of Civil Procedure or prior to the filing of the a notice of renunciation pursuant to Section 66 of this Act.
Terms Used In Illinois Compiled Statutes 755 ILCS 27/90
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Probate: Proving a will
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.