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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB2002 Introduced 2/10/2011, by Sen. William Delgado SYNOPSIS AS INTRODUCED: |
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735 ILCS 5/15-1503 | from Ch. 110, par. 15-1503 |
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Amends the Code of Civil Procedure. Exempts a municipality with more than one million inhabitants from the requirement that a copy of the notice of foreclosure must be sent to the municipality in which the foreclosed property is located. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB2002 | | LRB097 09816 AJO 49972 b |
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1 | | AN ACT concerning civil law.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Code of Civil Procedure is amended by |
5 | | changing Section 15-1503 as follows:
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6 | | (735 ILCS 5/15-1503) (from Ch. 110, par. 15-1503)
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7 | | Sec. 15-1503. Notice of Foreclosure. |
8 | | (a) A notice of foreclosure, whether
the foreclosure is |
9 | | initiated by complaint or
counterclaim, made in accordance with |
10 | | this Section and recorded in the
county in which the mortgaged |
11 | | real estate is located shall be constructive
notice of the |
12 | | pendency of the foreclosure to every person claiming an
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13 | | interest in or lien on the mortgaged real estate, whose |
14 | | interest or lien
has not been recorded prior to the recording |
15 | | of such notice of foreclosure.
Such notice of foreclosure must |
16 | | be executed by any party or any party's
attorney and shall |
17 | | include (i) the names of all plaintiffs and the case
number, |
18 | | (ii) the court in which the action was brought, (iii) the names |
19 | | of
title holders of record, (iv) a legal description of the |
20 | | real estate
sufficient to identify it with reasonable |
21 | | certainty, (v) a common address
or description of the location |
22 | | of the real estate and (vi) identification
of the mortgage |
23 | | sought to be foreclosed. An incorrect common address or
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