|
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4745
Introduced 02/04/04, by Patricia Reid Lindner SYNOPSIS AS INTRODUCED:
|
|
735 ILCS 5/15-1512 |
from Ch. 110, par. 15-1512 |
|
Amends the Code of Civil Procedure. Makes a technical change in the Section concerning the application of proceeds of sale and surplus.
|
|
|
|
|
|
|
|
A BILL FOR
|
|
|
|
|
HB4745 |
|
LRB093 15902 LCB 41520 b |
|
|
| 1 |
| AN ACT concerning mortgages.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Code of Civil Procedure is amended by |
| 5 |
| changing Section 15-1512 as follows:
|
| 6 |
| (735 ILCS 5/15-1512) (from Ch. 110, par. 15-1512)
|
| 7 |
| Sec. 15-1512. Application of Proceeds of Sale and Surplus. |
| 8 |
| The proceeds
that are the result of
resulting from a sale of |
| 9 |
| real estate under this Article shall be applied
in the |
| 10 |
| following order:
|
| 11 |
| (a) the reasonable expenses of sale;
|
| 12 |
| (b) the reasonable expenses of securing possession before |
| 13 |
| sale, holding,
maintaining, and preparing the real estate for |
| 14 |
| sale, including payment of
taxes and other governmental |
| 15 |
| charges, premiums on hazard and liability
insurance, |
| 16 |
| receiver's and management fees, and, to the extent provided
for |
| 17 |
| in the mortgage
or other recorded agreement and not prohibited |
| 18 |
| by law, reasonable
attorneys' fees, payments made pursuant to |
| 19 |
| Section 15-1505 and other legal
expenses incurred by the |
| 20 |
| mortgagee;
|
| 21 |
| (c) if the sale was pursuant to judicial foreclosure, |
| 22 |
| satisfaction of
claims in the order of priority adjudicated in |
| 23 |
| the judgment of foreclosure
or order confirming the sale; and
|
| 24 |
| (d) remittance of any surplus to be held by the person |
| 25 |
| appointed by
the court to conduct the
sale until further order |
| 26 |
| of the court. If there is a surplus, such person
conducting the |
| 27 |
| sale shall send written notice to all parties to the
proceeding |
| 28 |
| advising them of the amount of the surplus, and that the |
| 29 |
| surplus
shall be held until a party obtains a court order for |
| 30 |
| its distribution or
until, in the absence of an order, the |
| 31 |
| surplus is forfeited to the State.
|
| 32 |
| (Source: P.A. 86-974.)
|
Translate
