Legal Question in Real Estate Law in Illinois

Cooperative

Recently, a shareholder in our coop died. She has no next of kin. Her body is laying in the morgue. As a shareholder I suggested that the board contact legal to determine if the deceased shares reverse back to the cooperative and that we do the right thing and give the decease a proper burial. My question is whether the cooperative would get the shares and not the state of Illinois or creditors? The deceased unit can be sold to recoup the cost of the funeral cost. Thank you.


Asked on 4/28/06, 12:38 pm

1 Answer from Attorneys
Zedrick Braden III Ainsworth & Associates PC

Re: Cooperative

Hello. An estate should be opened for the deceased person. In my opinion, the shares

do not automatically return to the coop since

they represent estate property. This is alittle

tricky. I will be happy to answer any additional

questions that you may have.

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Answered on 4/29/06, 5:50 pm


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