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91_SB1694
LRB9111462STmb
1 AN ACT to amend the Code of Civil Procedure by adding
2 Section 12-144.5 and by changing Section 12-145.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Code of Civil Procedure is amended by
6 adding Section 12-144.5 and changing Section 12-145 as
7 follows:
8 (735 ILCS 5/12-144.5 new)
9 Sec. 12-144.5. Report of sale and confirmation of sale.
10 (a) When the premises mentioned in the certificate are
11 not redeemed in pursuance of law, the legal holder of the
12 certificate shall promptly make a report to the court that
13 issued the underlying judgment. The report shall include a
14 copy of the certificate of sale; an affidavit, under oath,
15 containing a good faith appraisal of the fair market value of
16 the property; and a listing of all liens and mortgages
17 including the value thereof.
18 (b) Upon motion and notice in accordance with court
19 rules applicable to motions generally, including notice to
20 the judgment debtor, the court issuing the underlying
21 judgment shall conduct a hearing to confirm the sale. Unless
22 the court finds that (i) notice as required by law was not
23 given, (ii) the terms of the sale were unconscionable, (iii)
24 the sale was conducted fraudulently, or (iv) justice was
25 otherwise not done, the court shall then enter an order
26 confirming the sale. In making these findings, the court
27 shall take into account the purchase price at the sale in
28 relation to the fair market value of the property less the
29 value of any mortgages and liens.
30 (735 ILCS 5/12-145) (from Ch. 110, par. 12-145)
-2- LRB9111462STmb
1 Sec. 12-145. Time of execution of deed. When the
2 premises mentioned in such certificate are not redeemed in
3 pursuance of law, and the court issuing the underlying
4 judgment has entered an order confirming the sale in
5 accordance with Section 12-144.5, the legal holder of the
6 certificate is entitled to a deed therefor at any time within
7 5 years from the expiration of the time of redemption. The
8 deed shall be executed by the sheriff or other officer who
9 made the sale, or by his or her successor in office, or by
10 some person specially appointed by the court for the purpose.
11 If the deed is not taken within the time limited by Part 1 of
12 Article XII of this Act, the certificate of purchase is void
13 unless the purchaser under the certificate of sale has gone
14 into possession of the premises under and in reliance on the
15 certificate of sale within the 5 year period. If, however,
16 the deed is wrongfully withheld by the officer whose duty it
17 is to execute it, or if the execution of the deed is
18 restrained by injunction or order of a court, the time during
19 which the deed is so withheld or the execution thereof
20 restrained shall not be considered as any part of the 5 years
21 within which the holder is required to take a deed.
22 (Source: P.A. 83-707.)
23 Section 99. Effective date. This Act takes effect upon
24 becoming law.