Full Text of SB2570 94th General Assembly
SB2570ham001 94TH GENERAL ASSEMBLY
|
Judiciary I - Civil Law Committee
Filed: 3/23/2006
|
|
09400SB2570ham001 |
|
LRB094 18528 AJO 57481 a |
|
| 1 |
| AMENDMENT TO SENATE BILL 2570
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 2570 on page 1, by | 3 |
| inserting after line 3 the following: | 4 |
| "Section 2. The Code of Civil Procedure is amended by | 5 |
| changing Section 15-1507 as follows:
| 6 |
| (735 ILCS 5/15-1507) (from Ch. 110, par. 15-1507)
| 7 |
| Sec. 15-1507. Judicial Sale.
| 8 |
| (a) In General. Except as provided in
Sections 15-1402 and | 9 |
| 15-1403, upon entry of a judgment of foreclosure, the
real | 10 |
| estate which is the subject of the judgment shall be sold at a
| 11 |
| judicial sale in accordance with this Section 15-1507.
| 12 |
| (b) Sale Procedures. Upon expiration of the reinstatement | 13 |
| period and
the redemption period in accordance with subsection | 14 |
| (b) or (c) of Section
15-1603 or upon the entry of a judgment | 15 |
| of foreclosure after the waiver of
all rights of redemption, | 16 |
| except as provided in subsection (g) of Section
15-1506, the | 17 |
| real estate shall be sold at a sale as provided in this
| 18 |
| Article, on such terms and conditions as shall be specified by | 19 |
| the court in
the judgment of foreclosure. A sale may be | 20 |
| conducted by any judge or sheriff.
| 21 |
| (c) Notice of Sale. The mortgagee, or such other party | 22 |
| designated by the
court, in a foreclosure under this Article | 23 |
| shall give public notice of the
sale as follows:
| 24 |
| (1) The notice of sale shall include at least the |
|
|
|
09400SB2570ham001 |
- 2 - |
LRB094 18528 AJO 57481 a |
|
| 1 |
| following information,
but an immaterial error in the | 2 |
| information shall not invalidate the legal
effect of the | 3 |
| notice:
| 4 |
| (A) the name, address and telephone number of the | 5 |
| person to contact for
information regarding the real | 6 |
| estate;
| 7 |
| (B) the common address and other common | 8 |
| description (other than legal
description), if any, of | 9 |
| the real estate;
| 10 |
| (C) a legal description of the real estate | 11 |
| sufficient to identify it with
reasonable certainty;
| 12 |
| (D) a description of the improvements on the real | 13 |
| estate;
| 14 |
| (E) the times specified in the judgment, if any, | 15 |
| when the real estate
may be inspected prior to sale;
| 16 |
| (F) the time and place of the sale;
| 17 |
| (G) the terms of the sale;
| 18 |
| (H) the case title, case number and the court in | 19 |
| which
the foreclosure was filed; and
| 20 |
| (H-1) in the case of a condominium unit to which | 21 |
| subsection (g) of Section 9 of the Condominium Property | 22 |
| Act applies, the statement required by subdivision | 23 |
| (g)(5) of Section 9 of the Condominium Property Act; | 24 |
| and
| 25 |
| (I) such other information ordered by the Court.
| 26 |
| (2) The notice of sale shall be published at least 3 | 27 |
| consecutive
calendar weeks (Sunday through Saturday), once | 28 |
| in each week, the first such
notice to be published not | 29 |
| more than 45 days prior to the sale, the last
such notice | 30 |
| to be published not less than 7 days prior to the sale, by:
| 31 |
| (i) (A) advertisements in a newspaper circulated to the | 32 |
| general public
in the county in which the real estate is | 33 |
| located, in the section of that
newspaper where legal | 34 |
| notices are commonly placed and (B) separate
|
|
|
|
09400SB2570ham001 |
- 3 - |
LRB094 18528 AJO 57481 a |
|
| 1 |
| advertisements in the section of such a newspaper, which | 2 |
| (except in
counties with a population in excess of | 3 |
| 3,000,000) may be the same
newspaper, in which real estate | 4 |
| other than real estate being sold as part of
legal | 5 |
| proceedings is commonly advertised to the general public; | 6 |
| provided,
that the separate advertisements in the real | 7 |
| estate section need not
include a legal description and | 8 |
| that where both advertisements could be
published in the | 9 |
| same newspaper and that newspaper does not have separate
| 10 |
| legal notices and real estate advertisement sections, a | 11 |
| single
advertisement with the legal description shall be | 12 |
| sufficient; and
(ii) such other publications as may be | 13 |
| further ordered by the court.
| 14 |
| (3) The party who gives notice of public sale in | 15 |
| accordance with
subsection (c) of Section 15-1507 shall | 16 |
| also give notice to all parties in
the action who have | 17 |
| appeared and have not theretofore been found by the
court | 18 |
| to be in default for failure to plead. Such notice shall be | 19 |
| given in
the manner provided in the applicable rules of | 20 |
| court for service of papers
other than process and | 21 |
| complaint, not more than 45 days nor less
than 7
days prior | 22 |
| to the day of sale. After notice is given as required in | 23 |
| this
Section a copy thereof shall be filed in the office of | 24 |
| the clerk of the
court entering the judgment, together with | 25 |
| a certificate of counsel or
other proof that notice has | 26 |
| been served in compliance with this Section.
| 27 |
| (4) The party who gives notice of public sale in | 28 |
| accordance with
subsection (c) of Section 15-1507 shall | 29 |
| again give notice in accordance
with that Section of any | 30 |
| adjourned sale; provided, however, that if the
adjourned | 31 |
| sale is to occur less than 60 days after the last scheduled | 32 |
| sale,
notice of any adjourned sale need not be given | 33 |
| pursuant to this
Section. In the event of adjournment, the
| 34 |
| person conducting the sale shall, upon adjournment, |
|
|
|
09400SB2570ham001 |
- 4 - |
LRB094 18528 AJO 57481 a |
|
| 1 |
| announce the date, time
and place upon which the adjourned | 2 |
| sale shall be held. Notwithstanding any
language to the | 3 |
| contrary, for any adjourned sale that is to be conducted
| 4 |
| more than 60 days after the date on which it was to first | 5 |
| be held, the
party giving notice of such sale shall again | 6 |
| give notice in accordance with
this Section.
| 7 |
| (5) Notice of the sale may be given prior to the | 8 |
| expiration of any
reinstatement period or redemption | 9 |
| period.
| 10 |
| (6) No other notice by publication or posting shall be | 11 |
| necessary unless
required by order or rule of the court.
| 12 |
| (7) The person named in the notice of sale to be | 13 |
| contacted for
information about the real estate may, but | 14 |
| shall not be required, to
provide additional information | 15 |
| other than that set forth in the notice of sale.
| 16 |
| (d) Election of Property. If the real estate which is the | 17 |
| subject of a
judgment of foreclosure is susceptible of | 18 |
| division, the court may order it to be sold
as necessary to | 19 |
| satisfy the judgment. The court shall determine which real
| 20 |
| estate shall be sold, and the court may determine the order in | 21 |
| which
separate tracts may be sold.
| 22 |
| (e) Receipt upon Sale.
Upon and at the sale
of mortgaged | 23 |
| real estate, the person conducting the sale shall give to
the | 24 |
| purchaser a receipt of sale. The receipt shall describe the | 25 |
| real
estate purchased and shall show the amount bid, the amount | 26 |
| paid, the
total amount paid to
date and the amount still to be | 27 |
| paid therefor. An
additional receipt shall be given at the time | 28 |
| of each subsequent
payment.
| 29 |
| (f) Certificate of Sale. Upon
payment in full of the amount | 30 |
| bid, the person conducting
the sale shall issue, in duplicate, | 31 |
| and give to the purchaser a Certificate
of Sale. The | 32 |
| Certificate of Sale shall be in a recordable form, describe
the | 33 |
| real estate purchased, indicate the date and place of sale and | 34 |
| show the
amount paid therefor. The Certificate of Sale shall |
|
|
|
09400SB2570ham001 |
- 5 - |
LRB094 18528 AJO 57481 a |
|
| 1 |
| further indicate that
it is subject to confirmation by the | 2 |
| court. The duplicate certificate may
be recorded in accordance | 3 |
| with Section 12-121. The Certificate of Sale
shall be freely | 4 |
| assignable by endorsement thereon.
| 5 |
| (g) Interest after Sale. Any bid at sale shall be deemed to | 6 |
| include,
without the necessity of a court order, interest at | 7 |
| the statutory judgment
rate on any unpaid portion of the sale | 8 |
| price from the date of sale to the
date of payment.
| 9 |
| (Source: P.A. 86-974.)"; and
| 10 |
| on page 4, line 32, by inserting " , if any, " after " share "; and | 11 |
| on page 4, line 36, by replacing " assessments. " with the | 12 |
| following:
| 13 |
| " assessments, and which remain unpaid by the owner during | 14 |
| whose possession the assessments accrued. If the | 15 |
| outstanding assessments are paid at any time during any | 16 |
| action to enforce the collection of assessments, the | 17 |
| purchaser shall have no obligation to pay any assessments | 18 |
| which accrued before he or she acquired title.
| 19 |
| (5) The notice of sale of a condominium unit under | 20 |
| subsection (c) of Section 15-1507 of
the Code of Civil | 21 |
| Procedure, the statement of assessment account issued by | 22 |
| the association to the purchaser of a unit from a mortgagee | 23 |
| under subsection (i) of Section 18 of this Act, and the | 24 |
| disclosure statement issued to a prospective purchaser | 25 |
| under Section 22.1 of this Act shall state that the | 26 |
| purchaser of the unit other than a mortgagee shall pay the | 27 |
| assessments required by this Section, and shall state the | 28 |
| amount of fees owed, if any. ".
|
|