HB5176 EnrolledLRB100 19318 HLH 34584 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Code of Civil Procedure is amended by
5changing Section 15-1507 as follows:
 
6    (735 ILCS 5/15-1507)  (from Ch. 110, par. 15-1507)
7    Sec. 15-1507. Judicial Sale.
8    (a) In General. Except as provided in Sections 15-1402 and
915-1403, upon entry of a judgment of foreclosure, the real
10estate which is the subject of the judgment shall be sold at a
11judicial sale in accordance with this Section 15-1507.
12    (b) Sale Procedures. Upon expiration of the reinstatement
13period and the redemption period in accordance with subsection
14(b) or (c) of Section 15-1603 or upon the entry of a judgment
15of foreclosure after the waiver of all rights of redemption,
16except as provided in subsection (g) of Section 15-1506, the
17real estate shall be sold at a sale as provided in this
18Article, on such terms and conditions as shall be specified by
19the court in the judgment of foreclosure. A sale may be
20conducted by any judge or sheriff.
21    (c) Notice of Sale. The mortgagee, or such other party
22designated by the court, in a foreclosure under this Article
23shall give public notice of the sale as follows:

 

 

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1        (1) The notice of sale shall include at least the
2    following information, but an immaterial error in the
3    information shall not invalidate the legal effect of the
4    notice:
5            (A) the name, address and telephone number of the
6        person to contact for information regarding the real
7        estate;
8            (B) the common address and other common
9        description (other than legal description), if any, of
10        the real estate;
11            (C) a legal description of the real estate
12        sufficient to identify it with reasonable certainty;
13            (D) a description of the improvements on the real
14        estate;
15            (E) the times specified in the judgment, if any,
16        when the real estate may be inspected prior to sale;
17            (F) the time and place of the sale;
18            (G) the terms of the sale;
19            (H) the case title, case number and the court in
20        which the foreclosure was filed;
21            (H-1) in the case of a condominium unit to which
22        subsection (g) of Section 9 of the Condominium Property
23        Act applies, the statement required by subdivision
24        (g)(5) of Section 9 of the Condominium Property Act;
25            (H-2) in the case of a unit of a common interest
26        community to which subsection (g-1) of Section 18.5 of

 

 

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1        the Condominium Property Act applies, the statement
2        required by subdivision (g-1) of Section 18.5 of the
3        Condominium Property Act; and
4            (I) such other information ordered by the Court.
5        (2) The notice of sale shall be published at least 3
6    consecutive calendar weeks (Sunday through Saturday), once
7    in each week, the first such notice to be published not
8    more than 45 days prior to the sale, the last such notice
9    to be published not less than 7 days prior to the sale, by:
10    (i) (A) advertisements in a newspaper circulated to the
11    general public in the county in which the real estate is
12    located, in the section of that newspaper where legal
13    notices are commonly placed and (B) separate
14    advertisements in the section of such a newspaper, which
15    (except in counties with a population in excess of
16    3,000,000) may be the same newspaper, in which real estate
17    other than real estate being sold as part of legal
18    proceedings is commonly advertised to the general public;
19    provided, that the separate advertisements in the real
20    estate section need not include a legal description and
21    that where both advertisements could be published in the
22    same newspaper and that newspaper does not have separate
23    legal notices and real estate advertisement sections, a
24    single advertisement with the legal description shall be
25    sufficient; in counties with a population of more than
26    3,000,000, the notice required by this item (B) shall be

 

 

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1    published in a newspaper different from the newspaper that
2    publishes the notice required by item (A), and the
3    newspaper in which the notice required by this item (B) is
4    published shall be a newspaper published in the township in
5    which the real estate is located; and (ii) such other
6    publications as may be further ordered by the court.
7        (3) The party who gives notice of public sale in
8    accordance with subsection (c) of Section 15-1507 shall
9    also give notice to all parties in the action who have
10    appeared and have not theretofore been found by the court
11    to be in default for failure to plead. Such notice shall be
12    given in the manner provided in the applicable rules of
13    court for service of papers other than process and
14    complaint, not more than 45 days nor less than 7 days prior
15    to the day of sale. After notice is given as required in
16    this Section a copy thereof shall be filed in the office of
17    the clerk of the court entering the judgment, together with
18    a certificate of counsel or other proof that notice has
19    been served in compliance with this Section.
20        (4) The party who gives notice of public sale in
21    accordance with subsection (c) of Section 15-1507 shall
22    again give notice in accordance with that Section of any
23    adjourned sale; provided, however, that if the adjourned
24    sale is to occur less than 60 days after the last scheduled
25    sale, notice of any adjourned sale need not be given
26    pursuant to this Section. In the event of adjournment, the

 

 

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1    person conducting the sale shall, upon adjournment,
2    announce the date, time and place upon which the adjourned
3    sale shall be held. Notwithstanding any language to the
4    contrary, for any adjourned sale that is to be conducted
5    more than 60 days after the date on which it was to first
6    be held, the party giving notice of such sale shall again
7    give notice in accordance with this Section.
8        (5) Notice of the sale may be given prior to the
9    expiration of any reinstatement period or redemption
10    period.
11        (6) No other notice by publication or posting shall be
12    necessary unless required by order or rule of the court.
13        (7) The person named in the notice of sale to be
14    contacted for information about the real estate may, but
15    shall not be required, to provide additional information
16    other than that set forth in the notice of sale.
17    (d) Election of Property. If the real estate which is the
18subject of a judgment of foreclosure is susceptible of
19division, the court may order it to be sold as necessary to
20satisfy the judgment. The court shall determine which real
21estate shall be sold, and the court may determine the order in
22which separate tracts may be sold.
23    (e) Receipt upon Sale. Upon and at the sale of mortgaged
24real estate, the person conducting the sale shall give to the
25purchaser a receipt of sale. The receipt shall describe the
26real estate purchased and shall show the amount bid, the amount

 

 

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1paid, the total amount paid to date and the amount still to be
2paid therefor. An additional receipt shall be given at the time
3of each subsequent payment.
4    (f) Certificate of Sale. Upon payment in full of the amount
5bid, the person conducting the sale shall issue, in duplicate,
6and give to the purchaser a Certificate of Sale. The
7Certificate of Sale shall be in a recordable form, describe the
8real estate purchased, indicate the date and place of sale and
9show the amount paid therefor. The Certificate of Sale shall
10further indicate that it is subject to confirmation by the
11court. The duplicate certificate may be recorded in accordance
12with Section 12-121. The Certificate of Sale shall be freely
13assignable by endorsement thereon.
14    (g) Interest after Sale. Any bid at sale shall be deemed to
15include, without the necessity of a court order, interest at
16the statutory judgment rate on any unpaid portion of the sale
17price from the date of sale to the date of payment.
18(Source: P.A. 96-1045, eff. 7-14-10.)
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.