(Text of Section before amendment by P.A.
218 words·~1 min read·
/il/chapter-735/act-5/text-of-section-before-amendment-by-p-a-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Text of Section before amendment by P.A. 104-120)
Sec. 12-906. Proceeds of sale. When a homestead is conveyed by the owner thereof, such conveyance shall not subject the premises to any lien or incumbrance to which it would not be subject in the possession of such owner; and the proceeds thereof, to the extent of the amount of $15,000, shall be exempt from judgment or other process, for one year after the receipt thereof, by the person entitled to the exemption, and if reinvested in a homestead the same shall be entitled to the same exemption as the original homestead.
(Text of Section after amendment by P.A. 104-120)
Sec. 12-906. Proceeds of sale. When a homestead is conveyed by the owner thereof, such conveyance shall not subject the premises to any lien or incumbrance to which it would not be subject in the possession of such owner; and the proceeds thereof, to the extent of the amount of $50,000 for premises owned by an individual owner or $100,000 for premises owned by 2 or more individual owners, shall be exempt from judgment or other process, for one year after the receipt thereof, by the person entitled to the exemption, and if reinvested in a homestead the same shall be entitled to the same exemption as the original homestead.