(755 ILCS 5/20-7)
(from Ch. 110 1/2, par. 20-7)
Place and terms of sale.
(a) The court may designate the
place and manner
of holding the sale, whether private or public, and whether for cash or
on reasonable credit.
The sale may be conducted by means of the Internet or any other electronic
medium as approved by the court.
When mining, oil or gas rights only are sold, the court may require security
of the purchaser
and may direct the sale to be made upon a royalty basis or for a lump sum
in such manner and
upon such terms as appears to the court to be to the best interests of the
(b) Every public sale under this Article, except a sale conducted by means
of the Internet or another electronic medium, shall be held between the hours
of 10:00 o'clock
in the forenoon and 5:00 o'clock in the afternoon of the same day. Notice
of the time, place
and terms of holding the sale, containing a description of the property
sought to be sold, must
be published once each week for 3 successive weeks, the first publication
to be not less than
25 days prior to the sale, in some newspaper published in the county where
the property sought
to be sold, or the greater part thereof, lies.
A sale conducted by means of the Internet or another electronic medium
shall be conducted according to terms and notice given by means of the Internet
or other electronic medium. The notice required under this paragraph must
include a statement that
public access to the Internet is available at public libraries. Any notice
required under this paragraph is in addition to any other notice
required under this subsection (b).
(Source: P.A. 92-97, eff. 7-18-01.)