(Mulroe, D-Chicago; Martwick, D-Chicago) allows a board of managers to assign the right of the association to future income from common expenses or other sources and to mortgage or pledge substantially all of the remaining assets of the association by a majority vote of the entire board.
Effective January 1, 2017.
(Althoff, R-McHenry; Nekritz, D-Buffalo Grove) extends the sunset for current law until December 31, 2020. It requires work to be done or materials furnished to obtain a lien within three years for residential property and five years for any other kind of property.
Effective August 19, 2016.
Plaintiffs brought action alleging malpractice against Defendant, a law firm, which Plaintiff had retained in connection with the sale of real estate. Plaintiff alleged that Defendant was negligent in several regards, including by failing to include the exclusionary language of the term sheet in the agreements. Court properly dismissed Plainttiff’s complaint, because it was barred as a matter of law by the applicable statute of repose. The period of repose was not tolled by Defendant’s subsequent failures to correct the omission of the exclusionary language in the first amendment. (HOFFMAN and DELORT, concurring.)
(Silverstein, D-Chicago; Lang, D-Chicago) seeks to reverse the holding of the Mendelson case (2016 IL App (2d) 150084). It provides that the transfer of real property to a trust requires a transfer of legal title to the trustee evidenced by a written instrument of conveyance and acceptance by the trustee. Provides that for any interest in real property to become trust property in a trust of which any transferor is a trustee, the instrument of conveyance shall additionally be recorded in the appropriate real property records.
Effective January 1, 2017.
(Mulroe, D-Chicago; Lang, D-Skokie) changes a statutory notice of motion for the extension of an order of possession by replacing references to “landlord” with “plaintiff.”
Effective January 1, 2017.
(Cassidy, D-Chicago; Mulroe, D-Chicago) redefines “acceptable technological means” to mean any generally available technology that, by rule of the association, is deemed to provide reasonable security, reliability, identification, and verifiability. Allows acceptable technological means to be used to conduct association business such as a notice required to be sent or received; signature, vote, consent, or approval required to be obtained; and the performance of obligations or exercise of rights. It does not apply to any notices required under the Forcible Entry and Detainer Article or in connection with foreclosure proceedings in enforcement of any lien rights under the Acts.
Effective January 1, 2017.
(Williams, D-Chicago; Hastings, D-Matteson) provides that the rights of a beneficial owner may not be impaired in any way by the change of trustees if the identity of the trustee of a land trust has been changed by virtue of sale, assignment, appointment, or otherwise, but the beneficial owner or owners of the land trust remain unchanged. Provides that a change of trustees by a sale, acquisition, or appointment governed by the Corporate Fiduciaries Act is not a bar or defense to any court action filed by or in the name of either the previous trustee or the new trustee, regardless of whether the court action was originally filed in a representative capacity on behalf of the beneficial owner or owners.
Effective January 1, 2017.
(Haine, D-Alton; Beiser, D-Alton) allows an association to correct an error, omission, or inconsistency in the community instruments of the association by an amendment adopted by vote of two-thirds of the board of directors without a membership vote. This applies to correct an omission, error, or inconsistency so that the community instruments conform to the Act or to another applicable law. Effective January 1, 2017.
(Link, D-Gurnee; Jackson, D- E. St. Louis) reduces from seven to five years before unclaimed property held by the government or court is considered to be abandoned. Effective January 1, 2017.
(Hernandez, D-Cicero; Martinez, D-Chicago) increases the amount of civil penalties for civil rights violations in real estate transactions. Effective January 1, 2017.