Illinois General Assembly - Illinois Compiled Statutes

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735 ILCS 5/15-1225

(735 ILCS 5/15-1225)
Sec. 15-1225. Residential real estate in foreclosure.

For purposes of Sections 9-207.5, 15-1224, 15-1506, 15-1508, and 15-1701 of this Code only, the term "residential real estate in foreclosure" means any real estate, except a single tract of agricultural real estate consisting of more than 40 acres, which is improved with a single family residence or residential condominium units or a multiple dwelling structure containing single family dwelling units for one or more families living independently of one another, for which an action to foreclose the real estate: (1) has commenced and is pending; (2) was pending when the bona fide lease was entered into or renewed; or (3) was commenced after the bona fide lease was entered into or renewed.

(Source: P.A. 98-514, eff. 11-19-13.)