(b) Uniform Commercial Code. A secured party, as defined in Article
9 of the Uniform Commercial Code, may at its election enforce its security interest in a
foreclosure under this Article if its security interest was created on or after July 1, 1987 (the effective date of Public Act 84-1462) and is created by (i) a collateral
assignment of beneficial interest in a land trust or (ii) an assignment for
security of a buyer's interest in a real estate installment contract. Such
election shall be made by filing a complaint stating that it is brought
under this Article, in which event the provisions of this Article shall be
exclusive in such foreclosure.
(c) Real Estate Installment Contracts. A contract seller may at its
election enforce in a foreclosure under this Article any real estate
installment contract entered into on or after July 1, 1987 (the effective date of Public Act 84-1462)
and not required to be foreclosed under this Article. Such election shall
be made by filing a complaint stating that it is brought under this
Article, in which event the provisions of this Article shall be exclusive
in such foreclosure. A contract seller must enforce its contract under
this Article if the real estate installment contract is one described in
paragraph (2) of subsection (a) of this Section.
(d) Effect of Election. An election made pursuant to subsection (b) or
(c) of this Section shall be binding only in the foreclosure and shall be
the foreclosure is terminated prior to entry of judgment.
(e) Supplementary General Principles of Law. General principles of law
and equity, such as those relating to capacity to contract, principal and
agent, marshalling of assets, priority, subrogation, estoppel, fraud,
misrepresentations, duress, collusion, mistake, bankruptcy or other
validating or invalidating cause, supplement this Article unless displaced
by a particular provision of it.
Section 9-110 of this Code shall not be applicable to
any real estate installment contract which is foreclosed under this Article.
(f) Pending Actions. A complaint to foreclose a mortgage filed before
July 1, 1987, and all proceedings and third party actions in connection
therewith, shall be adjudicated pursuant to the Illinois statutes and
applicable law in effect immediately prior to July 1, 1987. Such statutes
shall remain in effect with respect to such complaint, proceedings and
third party actions notwithstanding the amendment or repeal of such
statutes on or after July 1, 1987.
(g) The changes made to this Section by this amendatory Act of the 100th General Assembly apply to real estate installment contracts for residential real estate executed on or after the effective date of this amendatory Act of the 100th General Assembly.
(Source: P.A. 100-416, eff. 1-1-18