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Public Act 100-0685 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Code of Civil Procedure is amended by | ||||
changing Section 15-1507 as follows:
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(735 ILCS 5/15-1507) (from Ch. 110, par. 15-1507)
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Sec. 15-1507. Judicial Sale.
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(a) In General. Except as provided in
Sections 15-1402 and | ||||
15-1403, upon entry of a judgment of foreclosure, the
real | ||||
estate which is the subject of the judgment shall be sold at a
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judicial sale in accordance with this Section 15-1507.
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(b) Sale Procedures. Upon expiration of the reinstatement | ||||
period and
the redemption period in accordance with subsection | ||||
(b) or (c) of Section
15-1603 or upon the entry of a judgment | ||||
of foreclosure after the waiver of
all rights of redemption, | ||||
except as provided in subsection (g) of Section
15-1506, the | ||||
real estate shall be sold at a sale as provided in this
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Article, on such terms and conditions as shall be specified by | ||||
the court in
the judgment of foreclosure. A sale may be | ||||
conducted by any judge or sheriff.
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(c) Notice of Sale. The mortgagee, or such other party | ||||
designated by the
court, in a foreclosure under this Article | ||||
shall give public notice of the
sale as follows:
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(1) The notice of sale shall include at least the | ||
following information,
but an immaterial error in the | ||
information shall not invalidate the legal
effect of the | ||
notice:
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(A) the name, address and telephone number of the | ||
person to contact for
information regarding the real | ||
estate;
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(B) the common address and other common | ||
description (other than legal
description), if any, of | ||
the real estate;
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(C) a legal description of the real estate | ||
sufficient to identify it with
reasonable certainty;
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(D) a description of the improvements on the real | ||
estate;
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(E) the times specified in the judgment, if any, | ||
when the real estate
may be inspected prior to sale;
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(F) the time and place of the sale;
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(G) the terms of the sale;
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(H) the case title, case number and the court in | ||
which
the foreclosure was filed;
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(H-1) in the case of a condominium unit to which | ||
subsection (g) of Section 9 of the Condominium Property | ||
Act applies, the statement required by subdivision | ||
(g)(5) of Section 9 of the Condominium Property Act;
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(H-2) in the case of a unit of a common interest | ||
community to which subsection (g-1) of Section 18.5 of |
the Condominium Property Act applies, the statement | ||
required by subdivision (g-1) of Section 18.5 of the | ||
Condominium Property Act; and
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(I) such other information ordered by the Court.
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(2) The notice of sale shall be published at least 3 | ||
consecutive
calendar weeks (Sunday through Saturday), once | ||
in each week, the first such
notice to be published not | ||
more than 45 days prior to the sale, the last
such notice | ||
to be published not less than 7 days prior to the sale, by:
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(i) (A) advertisements in a newspaper circulated to the | ||
general public
in the county in which the real estate is | ||
located, in the section of that
newspaper where legal | ||
notices are commonly placed and (B) separate
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advertisements in the section of such a newspaper, which | ||
(except in
counties with a population in excess of | ||
3,000,000) may be the same
newspaper, in which real estate | ||
other than real estate being sold as part of
legal | ||
proceedings is commonly advertised to the general public; | ||
provided,
that the separate advertisements in the real | ||
estate section need not
include a legal description and | ||
that where both advertisements could be
published in the | ||
same newspaper and that newspaper does not have separate
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legal notices and real estate advertisement sections, a | ||
single
advertisement with the legal description shall be | ||
sufficient; in counties with a population of more than | ||
3,000,000, the notice required by this item (B) shall be |
published in a newspaper different from the newspaper that | ||
publishes the notice required by item (A), and the | ||
newspaper in which the notice required by this item (B) is | ||
published shall be a newspaper published in the township in | ||
which the real estate is located; and
(ii) such other | ||
publications as may be further ordered by the court.
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(3) The party who gives notice of public sale in | ||
accordance with
subsection (c) of Section 15-1507 shall | ||
also give notice to all parties in
the action who have | ||
appeared and have not theretofore been found by the
court | ||
to be in default for failure to plead. Such notice shall be | ||
given in
the manner provided in the applicable rules of | ||
court for service of papers
other than process and | ||
complaint, not more than 45 days nor less
than 7
days prior | ||
to the day of sale. After notice is given as required in | ||
this
Section a copy thereof shall be filed in the office of | ||
the clerk of the
court entering the judgment, together with | ||
a certificate of counsel or
other proof that notice has | ||
been served in compliance with this Section.
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(4) The party who gives notice of public sale in | ||
accordance with
subsection (c) of Section 15-1507 shall | ||
again give notice in accordance
with that Section of any | ||
adjourned sale; provided, however, that if the
adjourned | ||
sale is to occur less than 60 days after the last scheduled | ||
sale,
notice of any adjourned sale need not be given | ||
pursuant to this
Section. In the event of adjournment, the
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person conducting the sale shall, upon adjournment, | ||
announce the date, time
and place upon which the adjourned | ||
sale shall be held. Notwithstanding any
language to the | ||
contrary, for any adjourned sale that is to be conducted
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more than 60 days after the date on which it was to first | ||
be held, the
party giving notice of such sale shall again | ||
give notice in accordance with
this Section.
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(5) Notice of the sale may be given prior to the | ||
expiration of any
reinstatement period or redemption | ||
period.
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(6) No other notice by publication or posting shall be | ||
necessary unless
required by order or rule of the court.
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(7) The person named in the notice of sale to be | ||
contacted for
information about the real estate may, but | ||
shall not be required, to
provide additional information | ||
other than that set forth in the notice of sale.
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(d) Election of Property. If the real estate which is the | ||
subject of a
judgment of foreclosure is susceptible of | ||
division, the court may order it to be sold
as necessary to | ||
satisfy the judgment. The court shall determine which real
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estate shall be sold, and the court may determine the order in | ||
which
separate tracts may be sold.
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(e) Receipt upon Sale.
Upon and at the sale
of mortgaged | ||
real estate, the person conducting the sale shall give to
the | ||
purchaser a receipt of sale. The receipt shall describe the | ||
real
estate purchased and shall show the amount bid, the amount |
paid, the
total amount paid to
date and the amount still to be | ||
paid therefor. An
additional receipt shall be given at the time | ||
of each subsequent
payment.
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(f) Certificate of Sale. Upon
payment in full of the amount | ||
bid, the person conducting
the sale shall issue, in duplicate, | ||
and give to the purchaser a Certificate
of Sale. The | ||
Certificate of Sale shall be in a recordable form, describe
the | ||
real estate purchased, indicate the date and place of sale and | ||
show the
amount paid therefor. The Certificate of Sale shall | ||
further indicate that
it is subject to confirmation by the | ||
court. The duplicate certificate may
be recorded in accordance | ||
with Section 12-121. The Certificate of Sale
shall be freely | ||
assignable by endorsement thereon.
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(g) Interest after Sale. Any bid at sale shall be deemed to | ||
include,
without the necessity of a court order, interest at | ||
the statutory judgment
rate on any unpaid portion of the sale | ||
price from the date of sale to the
date of payment.
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(Source: P.A. 96-1045, eff. 7-14-10.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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