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(35 ILCS 516/235)
Sec. 235. Creation of indemnity fund.
(a) Each person
purchasing any mobile home at a sale under this Act shall pay
to the county collector, prior to the issuance of any certificate of purchase,
a fee of $20 for each item purchased. A like sum shall be paid for each year
that all or a portion of
subsequent taxes are paid by the tax purchaser
and posted to
the tax judgment, sale, redemption and forfeiture record where the underlying
certificate of purchase is recorded.
(b) The amount paid prior to issuance of the certificate of purchase
pursuant to subsection (a) shall be included in the purchase price of
the mobile home in the certificate of purchase and all amounts paid under this
Section shall be included in the amount required to redeem under Section 300.
Except as otherwise provided in subsection (b) of Section 240, all money
received under subsection (a) shall be paid by the collector to the
county treasurer of the county in which the mobile home is situated, for the
purpose of an indemnity fund. The county treasurer, as trustee of that fund,
shall invest all of that fund, principal and income, in his or her hands from
time to time, if not immediately required for payments of indemnities under
subsection (a) of Section 245, in investments permitted by the Illinois State
Board of Investment under Article 22A of the Illinois Pension Act. The county
collector shall report annually to the county clerk on the condition and
income of the fund. The indemnity fund shall be held to satisfy judgments
obtained against the county treasurer, as trustee of the fund. No payment shall
be made from the fund, except upon a judgment of the court which ordered the
issuance of a tax certificate of title.
(Source: P.A. 94-412, eff. 8-2-05.)
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