Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 516/260

(35 ILCS 516/260)

Sec. 260. Interest on refund.

(a) In those cases which arise solely under grounds set forth in Section
255 or 395, and in no other cases, the court which orders a sale in
error shall
also award interest on the refund of the amount paid for the certificate of
purchase, together with all costs paid by the owner of the certificate of
purchase or his or her assignor which were posted to the tax judgment, sale,
redemption and forfeiture record, except as otherwise provided in
this Section.  Except as otherwise provided in this Section, interest shall be
awarded and paid at the rate of 1% per month from the date of sale to the
date of payment to the tax purchaser, or in an amount equivalent to the
penalty interest which would be recovered on a redemption at the time of
payment pursuant to the order for sale in error, whichever is less.

(b) Interest on the refund to the owner of the certificate of
purchase shall not be paid (i) in any case in which the mobile home
sold has been substantially destroyed or rendered uninhabitable or otherwise
unfit for occupancy,
(ii) when the sale in error is made pursuant to Section 395,
or (iii) in any other case where the court determines that the
tax purchaser had actual knowledge prior to the sale of the grounds on which
the sale is declared to be erroneous.

(c) When the county collector files a petition for sale in error under
Section 255 and mails a notice thereof by
certified or registered mail to the tax purchaser, any interest otherwise
payable under this Section shall cease to accrue as of the date the
petition is filed, unless the tax purchaser agrees to an order for sale in
error upon the presentation of the petition to the court.  Notices under
this subsection may be mailed to the original owner of the certificate of
purchase, or to the latest assignee, if known.  When the
owner of the certificate of purchase contests the collector's petition
solely to determine whether the grounds for sale in error are such as to
support a claim for interest, the court may direct that the principal
amount of the refund be paid to the owner of the certificate of purchase
forthwith. If the court thereafter determines that a claim for interest
lies under this Section, it shall award such interest from the date of sale
to the date the principal amount was paid. If the owner of the certificate of purchase files an objection to the county collector's intention to declare an administrative sale in error, as provided under subsection (c) of Section 255, and, thereafter, the county collector elects to apply to the circuit court for a sale in error under subsection (a) of Section 255, then, if the circuit court grants the county collector's application for a sale in error, the court may not award interest to the owner of the certificate of purchase for the period after the mailing date of the county collector's notice of intention to declare an administrative sale in error.

(Source: P.A. 98-949, eff. 8-15-14.)