Full Text of HB5176 100th General Assembly
HB5176enr 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. 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:
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| 1 | | (1) The notice of sale shall include at least the | 2 | | following information,
but an immaterial error in the | 3 | | information shall not invalidate the legal
effect of the | 4 | | notice:
| 5 | | (A) the name, address and telephone number of the | 6 | | person to contact for
information regarding the real | 7 | | estate;
| 8 | | (B) the common address and other common | 9 | | description (other than legal
description), if any, of | 10 | | the real estate;
| 11 | | (C) a legal description of the real estate | 12 | | sufficient to identify it with
reasonable certainty;
| 13 | | (D) a description of the improvements on the real | 14 | | estate;
| 15 | | (E) the times specified in the judgment, if any, | 16 | | when the real estate
may be inspected prior to sale;
| 17 | | (F) the time and place of the sale;
| 18 | | (G) the terms of the sale;
| 19 | | (H) the case title, case number and the court in | 20 | | which
the foreclosure was filed;
| 21 | | (H-1) in the case of a condominium unit to which | 22 | | subsection (g) of Section 9 of the Condominium Property | 23 | | Act applies, the statement required by subdivision | 24 | | (g)(5) of Section 9 of the Condominium Property Act;
| 25 | | (H-2) in the case of a unit of a common interest | 26 | | community to which subsection (g-1) of Section 18.5 of |
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| 1 | | the Condominium Property Act applies, the statement | 2 | | required by subdivision (g-1) of Section 18.5 of the | 3 | | Condominium Property Act; and
| 4 | | (I) such other information ordered by the Court.
| 5 | | (2) The notice of sale shall be published at least 3 | 6 | | consecutive
calendar weeks (Sunday through Saturday), once | 7 | | in each week, the first such
notice to be published not | 8 | | more than 45 days prior to the sale, the last
such notice | 9 | | to be published not less than 7 days prior to the sale, by:
| 10 | | (i) (A) advertisements in a newspaper circulated to the | 11 | | general public
in the county in which the real estate is | 12 | | located, in the section of that
newspaper where legal | 13 | | notices are commonly placed and (B) separate
| 14 | | advertisements in the section of such a newspaper, which | 15 | | (except in
counties with a population in excess of | 16 | | 3,000,000) may be the same
newspaper, in which real estate | 17 | | other than real estate being sold as part of
legal | 18 | | proceedings is commonly advertised to the general public; | 19 | | provided,
that the separate advertisements in the real | 20 | | estate section need not
include a legal description and | 21 | | that where both advertisements could be
published in the | 22 | | same newspaper and that newspaper does not have separate
| 23 | | legal notices and real estate advertisement sections, a | 24 | | single
advertisement with the legal description shall be | 25 | | sufficient; in counties with a population of more than | 26 | | 3,000,000, the notice required by this item (B) shall be |
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| 1 | | published in a newspaper different from the newspaper that | 2 | | publishes the notice required by item (A), and the | 3 | | newspaper in which the notice required by this item (B) is | 4 | | published shall be a newspaper published in the township in | 5 | | which the real estate is located; and
(ii) such other | 6 | | publications as may be further ordered by the court.
| 7 | | (3) The party who gives notice of public sale in | 8 | | accordance with
subsection (c) of Section 15-1507 shall | 9 | | also give notice to all parties in
the action who have | 10 | | appeared and have not theretofore been found by the
court | 11 | | to be in default for failure to plead. Such notice shall be | 12 | | given in
the manner provided in the applicable rules of | 13 | | court for service of papers
other than process and | 14 | | complaint, not more than 45 days nor less
than 7
days prior | 15 | | to the day of sale. After notice is given as required in | 16 | | this
Section a copy thereof shall be filed in the office of | 17 | | the clerk of the
court entering the judgment, together with | 18 | | a certificate of counsel or
other proof that notice has | 19 | | been served in compliance with this Section.
| 20 | | (4) The party who gives notice of public sale in | 21 | | accordance with
subsection (c) of Section 15-1507 shall | 22 | | again give notice in accordance
with that Section of any | 23 | | adjourned sale; provided, however, that if the
adjourned | 24 | | sale is to occur less than 60 days after the last scheduled | 25 | | sale,
notice of any adjourned sale need not be given | 26 | | pursuant to this
Section. In the event of adjournment, the
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| 1 | | person conducting the sale shall, upon adjournment, | 2 | | announce the date, time
and place upon which the adjourned | 3 | | sale shall be held. Notwithstanding any
language to the | 4 | | contrary, for any adjourned sale that is to be conducted
| 5 | | more than 60 days after the date on which it was to first | 6 | | be held, the
party giving notice of such sale shall again | 7 | | give notice in accordance with
this Section.
| 8 | | (5) Notice of the sale may be given prior to the | 9 | | expiration of any
reinstatement period or redemption | 10 | | period.
| 11 | | (6) No other notice by publication or posting shall be | 12 | | necessary unless
required by order or rule of the court.
| 13 | | (7) The person named in the notice of sale to be | 14 | | contacted for
information about the real estate may, but | 15 | | shall not be required, to
provide additional information | 16 | | other than that set forth in the notice of sale.
| 17 | | (d) Election of Property. If the real estate which is the | 18 | | subject of a
judgment of foreclosure is susceptible of | 19 | | division, the court may order it to be sold
as necessary to | 20 | | satisfy the judgment. The court shall determine which real
| 21 | | estate shall be sold, and the court may determine the order in | 22 | | which
separate tracts may be sold.
| 23 | | (e) Receipt upon Sale.
Upon and at the sale
of mortgaged | 24 | | real estate, the person conducting the sale shall give to
the | 25 | | purchaser a receipt of sale. The receipt shall describe the | 26 | | real
estate purchased and shall show the amount bid, the amount |
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| 1 | | paid, the
total amount paid to
date and the amount still to be | 2 | | paid therefor. An
additional receipt shall be given at the time | 3 | | of each subsequent
payment.
| 4 | | (f) Certificate of Sale. Upon
payment in full of the amount | 5 | | bid, the person conducting
the sale shall issue, in duplicate, | 6 | | and give to the purchaser a Certificate
of Sale. The | 7 | | Certificate of Sale shall be in a recordable form, describe
the | 8 | | real estate purchased, indicate the date and place of sale and | 9 | | show the
amount paid therefor. The Certificate of Sale shall | 10 | | further indicate that
it is subject to confirmation by the | 11 | | court. The duplicate certificate may
be recorded in accordance | 12 | | with Section 12-121. The Certificate of Sale
shall be freely | 13 | | assignable by endorsement thereon.
| 14 | | (g) Interest after Sale. Any bid at sale shall be deemed to | 15 | | include,
without the necessity of a court order, interest at | 16 | | the statutory judgment
rate on any unpaid portion of the sale | 17 | | price from the date of sale to the
date of payment.
| 18 | | (Source: P.A. 96-1045, eff. 7-14-10.)
| 19 | | Section 99. Effective date. This Act takes effect upon | 20 | | becoming law.
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