(815 ILCS 636/10.100)
Sec. 10.100.
Realized value.
The greater of (a) the price received by
the lessor for disposition of the vehicle, after subtracting all actual and
reasonable expenses of sale or (b) insurance proceeds in the event of the
total loss or destruction of the vehicle or (c) the highest bona fide offer
received by the holder for disposition of the vehicle. However, if the lessor
and the lessee agree upon
the realized
value, the agreed upon amount shall be the realized value. The
vehicle's realized value may be determined in the
customary wholesale market at the time of disposition of the vehicle.
(Source: P.A. 89-625, eff. 1-1-97.)
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