Judiciary I - Civil Law Committee

Filed: 3/23/2006

 

 


 

 


 
09400SB2570ham001 LRB094 18528 AJO 57481 a

1
AMENDMENT TO SENATE BILL 2570

2     AMENDMENT NO. ______. Amend Senate Bill 2570 on page 1, by
3 inserting after line 3 the following:
 
4     "Section 2. The Code of Civil Procedure is amended by
5 changing 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
9 15-1403, upon entry of a judgment of foreclosure, the real
10 estate which is the subject of the judgment shall be sold at a
11 judicial sale in accordance with this Section 15-1507.
12     (b) Sale Procedures. Upon expiration of the reinstatement
13 period and the redemption period in accordance with subsection
14 (b) or (c) of Section 15-1603 or upon the entry of a judgment
15 of foreclosure after the waiver of all rights of redemption,
16 except as provided in subsection (g) of Section 15-1506, the
17 real estate shall be sold at a sale as provided in this
18 Article, on such terms and conditions as shall be specified by
19 the court in the judgment of foreclosure. A sale may be
20 conducted by any judge or sheriff.
21     (c) Notice of Sale. The mortgagee, or such other party
22 designated by the court, in a foreclosure under this Article
23 shall give public notice of the sale as follows:
24         (1) The notice of sale shall include at least the

 

 

09400SB2570ham001 - 2 - LRB094 18528 AJO 57481 a

1     following information, but an immaterial error in the
2     information shall not invalidate the legal effect of the
3     notice:
4             (A) the name, address and telephone number of the
5         person to contact for information regarding the real
6         estate;
7             (B) the common address and other common
8         description (other than legal description), if any, of
9         the real estate;
10             (C) a legal description of the real estate
11         sufficient to identify it with reasonable certainty;
12             (D) a description of the improvements on the real
13         estate;
14             (E) the times specified in the judgment, if any,
15         when the real estate may be inspected prior to sale;
16             (F) the time and place of the sale;
17             (G) the terms of the sale;
18             (H) the case title, case number and the court in
19         which the foreclosure was filed; and
20             (H-1) in the case of a condominium unit to which
21         subsection (g) of Section 9 of the Condominium Property
22         Act applies, the statement required by subdivision
23         (g)(5) of Section 9 of the Condominium Property Act;
24         and
25             (I) such other information ordered by the Court.
26         (2) The notice of sale shall be published at least 3
27     consecutive calendar weeks (Sunday through Saturday), once
28     in each week, the first such notice to be published not
29     more than 45 days prior to the sale, the last such notice
30     to be published not less than 7 days prior to the sale, by:
31     (i) (A) advertisements in a newspaper circulated to the
32     general public in the county in which the real estate is
33     located, in the section of that newspaper where legal
34     notices are commonly placed and (B) separate

 

 

09400SB2570ham001 - 3 - LRB094 18528 AJO 57481 a

1     advertisements in the section of such a newspaper, which
2     (except in counties with a population in excess of
3     3,000,000) may be the same newspaper, in which real estate
4     other than real estate being sold as part of legal
5     proceedings is commonly advertised to the general public;
6     provided, that the separate advertisements in the real
7     estate section need not include a legal description and
8     that where both advertisements could be published in the
9     same newspaper and that newspaper does not have separate
10     legal notices and real estate advertisement sections, a
11     single advertisement with the legal description shall be
12     sufficient; and (ii) such other publications as may be
13     further ordered by the court.
14         (3) The party who gives notice of public sale in
15     accordance with subsection (c) of Section 15-1507 shall
16     also give notice to all parties in the action who have
17     appeared and have not theretofore been found by the court
18     to be in default for failure to plead. Such notice shall be
19     given in the manner provided in the applicable rules of
20     court for service of papers other than process and
21     complaint, not more than 45 days nor less than 7 days prior
22     to the day of sale. After notice is given as required in
23     this Section a copy thereof shall be filed in the office of
24     the clerk of the court entering the judgment, together with
25     a certificate of counsel or other proof that notice has
26     been served in compliance with this Section.
27         (4) The party who gives notice of public sale in
28     accordance with subsection (c) of Section 15-1507 shall
29     again give notice in accordance with that Section of any
30     adjourned sale; provided, however, that if the adjourned
31     sale is to occur less than 60 days after the last scheduled
32     sale, notice of any adjourned sale need not be given
33     pursuant to this Section. In the event of adjournment, the
34     person conducting the sale shall, upon adjournment,

 

 

09400SB2570ham001 - 4 - LRB094 18528 AJO 57481 a

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

 

 

09400SB2570ham001 - 5 - LRB094 18528 AJO 57481 a

1 further indicate that it is subject to confirmation by the
2 court. The duplicate certificate may be recorded in accordance
3 with Section 12-121. The Certificate of Sale shall be freely
4 assignable by endorsement thereon.
5     (g) Interest after Sale. Any bid at sale shall be deemed to
6 include, without the necessity of a court order, interest at
7 the statutory judgment rate on any unpaid portion of the sale
8 price from the date of sale to the date of payment.
9 (Source: P.A. 86-974.)"; and
 
10 on page 4, line 32, by inserting ", if any," after "share"; and
 
11 on page 4, line 36, by replacing "assessments." with the
12 following:
13     "assessments, and which remain unpaid by the owner during
14     whose possession the assessments accrued. If the
15     outstanding assessments are paid at any time during any
16     action to enforce the collection of assessments, the
17     purchaser shall have no obligation to pay any assessments
18     which accrued before he or she acquired title.
19         (5) The notice of sale of a condominium unit under
20     subsection (c) of Section 15-1507 of the Code of Civil
21     Procedure, the statement of assessment account issued by
22     the association to the purchaser of a unit from a mortgagee
23     under subsection (i) of Section 18 of this Act, and the
24     disclosure statement issued to a prospective purchaser
25     under Section 22.1 of this Act shall state that the
26     purchaser of the unit other than a mortgagee shall pay the
27     assessments required by this Section, and shall state the
28     amount of fees owed, if any.".