[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
92_SB1048enr SB1048 Enrolled LRB9202781DJgc 1 AN ACT in relation to estates. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Probate Act of 1975 is amended by 5 changing Section 20-7 as follows: 6 (755 ILCS 5/20-7) (from Ch. 110 1/2, par. 20-7) 7 Sec. 20-7. Place and terms of sale.)8 (a) The court may designate the place and manner of 9 holding the sale, whether private or public, and whether for 10 cash or on reasonable credit. The sale may be conducted by 11 means of the Internet or any other electronic medium as 12 approved by the court. When mining, oil or gas rights only 13 are sold, the court may require security of the purchaser and 14 may direct the sale to be made upon a royalty basis or for a 15 lump sum in such manner and upon such terms as appears to the 16 court to be to the best interests of the estate. 17 (b) Every public sale under this Article, except a sale 18 conducted by means of the Internet or another electronic 19 medium, shall be held between the hours of 10:00 o'clock in 20 the forenoon and 5:00 o'clock in the afternoon of the same 21 day. Notice of the time, place and terms of holding the 22 sale, containing a description of the property sought to be 23 sold, must be published once each week for 3 successive 24 weeks, the first publication to be not less than 25 days 25 prior to the sale, in some newspaper published in the county 26 where the property sought to be sold, or the greater part 27 thereof, lies. 28 A sale conducted by means of the Internet or another 29 electronic medium shall be conducted according to terms and 30 notice given by means of the Internet or other electronic 31 medium. The notice required under this paragraph must SB1048 Enrolled -2- LRB9202781DJgc 1 include a statement that public access to the Internet is 2 available at public libraries. Any notice required under 3 this paragraph is in addition to any other notice required 4 under this subsection (b). 5 (Source: P.A. 79-328.) 6 Section 99. Effective date. This Act takes effect on 7 July 1, 2001.