This form is a sample letter in Word format covering the subject matter of the title of the form.
Judgment Lien On Jointly Owned Property In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-0025LTR
Format:
Word;
Rich Text
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FAQ
In Illinois, contractors, material suppliers, and mechanics are entitled to mechanic's liens on property. Unpaid judgment creditors, however, do not have this entitlement. The correct answer is D. Unpaid judgment creditors.
A: In Illinois, a judgment creditor generally cannot place a lien on property owned as joint tenants with rights of survivorship if only one tenant owes the debt. Since your sister does not owe the debt, her interest in the property is typically protected from the creditor's claims.
As mentioned, a lien can be placed on jointly-owned property depending upon the terms of ownership. If a married couple owns a house through a special quality of title called “tenants by the entireties” an individual creditor cannot place a lien on the property.
Joint Owner's Debts Could Become Your Problem For example, if you add your adult child to the deed of your home and they have undisclosed debts, your property could be at risk of being seized to settle those debts.
The answer to your question is yes. If a party jointly owns a debt with a debtor, then the creditor can still put a lien on any property owned by the debtor, regardless of who else has ownership in it.
The joint account held in the entireties, therefore, cannot be attached by a statutory lien, without the prior permission of the non-debtor account holder.
How does a creditor go about getting a judgment lien in Illinois? To attach a lien, if the debtor's property is located in the same county where the judgment was entered, the creditor files the judgment with the county recorder.
A partition action must be initiated with a verified complaint filed in the circuit court of the county where the land is located. 735 ILCS 5/17-101. The verified complaint needs to include a particular description of the premises sought to be divided.
The terms and conditions of joint tenancy must be specified in the property deed. If one of the tenants sells or transfers their ownership interest, it will be considered a breach of the joint tenant agreement, as it will change the status to tenants in common.
Upon death, the person's interest passes to the other joint owner(s).
