(735 ILCS 5/2-1711)
(from Ch. 110, par. 2-1711)
Posting and maintaining security.
(a) If the court enters
a judgment for period installments, each party liable for all or a portion
of the judgment, unless found to be incapable of doing so under subsection
(10) of Section 2-1708, shall separately or jointly with one or more others
post security in an amount equal to the equivalent lump sum value of the
unpaid judgment, including past damages, in a form prescribed in Section
2-1710, within 30 days after the date the judgment is subject to
enforcement. A liability insurer having a contractual obligation and any
other person adjudged to have an obligation to pay all or part of a
judgment for periodic installments on behalf of a judgment debtor is
obligated to post security to the extent of its contractual or adjudged
obligation if the judgment debtor has not done so.
(b) A judgment creditor or successor in interest and any party having
rights under subsection (d) may move that the court find that security has
not been posted and maintained with regard to a judgment obligation owing
to the moving party. Upon so finding, the court shall order that security
complying with this Section be posted within 30 days. If the security is
not posted within that time, the court shall calculate the equivalent lump
sum value of the obligation and enter a judgment for that amount in favor
of the moving party.
(c) If a judgment debtor who is the only person liable for all or a
portion of a judgment requiring security under this Section fails to post
and maintain security, the right to lump sum payment described in
subsection (b) applies only against that judgment debtor and the portion of
the judgment so owed.
(d) If more than one party is liable for all or a portion of a judgment
requiring security and the required security is posted by one or more but
fewer than all of the parties liable, the security requirements are
satisfied and those posting security may proceed under subsection (b) to
enforce rights for security or lump sum payment to satisfy or protect
rights of reimbursement from a party not posting security.
(Source: P.A. 84-7.)