Section 755 ILCS 75/2 - DefinitionsIn 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 cotenants which governs the partition of the property;(B) one or more of the cotenants acquired title from 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(C) Any of the following applies:(i) 20 percent or more of the interests are held by cotenants who are relatives;(ii) 20 percent or more of the interests are held by a cotenant who acquired title from a relative, whether living or deceased; or(iii) 20 percent or more of the cotenants are relatives.(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.Added by P.A. 101-0520,§ 2, eff. 8/23/2019.