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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4745
Introduced 02/04/04, by Patricia Reid Lindner SYNOPSIS AS INTRODUCED:
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735 ILCS 5/15-1512 |
from Ch. 110, par. 15-1512 |
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Amends the Code of Civil Procedure. Makes a technical change in the Section concerning the application of proceeds of sale and surplus.
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A BILL FOR
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HB4745 |
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LRB093 15902 LCB 41520 b |
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| AN ACT concerning mortgages.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Code of Civil Procedure is amended by |
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| changing Section 15-1512 as follows:
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| (735 ILCS 5/15-1512) (from Ch. 110, par. 15-1512)
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| Sec. 15-1512. Application of Proceeds of Sale and Surplus. |
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| The proceeds
that are the result of
resulting from a sale of |
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| real estate under this Article shall be applied
in the |
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| following order:
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| (a) the reasonable expenses of sale;
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| (b) the reasonable expenses of securing possession before |
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| sale, holding,
maintaining, and preparing the real estate for |
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| sale, including payment of
taxes and other governmental |
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| charges, premiums on hazard and liability
insurance, |
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| receiver's and management fees, and, to the extent provided
for |
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| in the mortgage
or other recorded agreement and not prohibited |
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| by law, reasonable
attorneys' fees, payments made pursuant to |
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| Section 15-1505 and other legal
expenses incurred by the |
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| mortgagee;
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| (c) if the sale was pursuant to judicial foreclosure, |
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| satisfaction of
claims in the order of priority adjudicated in |
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| the judgment of foreclosure
or order confirming the sale; and
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| (d) remittance of any surplus to be held by the person |
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| appointed by
the court to conduct the
sale until further order |
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| of the court. If there is a surplus, such person
conducting the |
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| sale shall send written notice to all parties to the
proceeding |
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| advising them of the amount of the surplus, and that the |
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| surplus
shall be held until a party obtains a court order for |
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| its distribution or
until, in the absence of an order, the |
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| surplus is forfeited to the State.
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| (Source: P.A. 86-974.)
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