State of Illinois
92nd General Assembly
Legislation

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[ Introduced ][ Engrossed ][ Senate Amendment 001 ]


92_SB1048enr

 
SB1048 Enrolled                                LRB9202781DJgc

 1        AN ACT in relation to estates.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Probate  Act  of  1975  is  amended  by
 5    changing Section 20-7 as follows:

 6        (755 ILCS 5/20-7) (from Ch. 110 1/2, par. 20-7)
 7        Sec. 20-7.  Place and terms of sale.)
 8        (a)  The court may designate  the  place  and  manner  of
 9    holding  the sale, whether private or public, and whether for
10    cash or on reasonable credit. The sale may  be  conducted  by
11    means  of  the  Internet  or  any  other electronic medium as
12    approved by the court. When mining, oil or  gas  rights  only
13    are sold, the court may require security of the purchaser and
14    may  direct the sale to be made upon a royalty basis or for a
15    lump sum in such manner and upon such terms as appears to the
16    court to be to the best interests of the estate.
17        (b)  Every public sale under this Article, except a  sale
18    conducted  by  means  of  the  Internet or another electronic
19    medium, shall be held between the hours of 10:00  o'clock  in
20    the  forenoon  and  5:00 o'clock in the afternoon of the same
21    day.  Notice of the time, place  and  terms  of  holding  the
22    sale,  containing  a description of the property sought to be
23    sold, must be published  once  each  week  for  3  successive
24    weeks,  the  first  publication  to  be not less than 25 days
25    prior to the sale, in some newspaper published in the  county
26    where  the  property  sought  to be sold, or the greater part
27    thereof, lies.
28        A sale conducted by means  of  the  Internet  or  another
29    electronic  medium  shall be conducted according to terms and
30    notice given by means of the  Internet  or  other  electronic
31    medium.   The  notice  required  under  this  paragraph  must
 
SB1048 Enrolled             -2-                LRB9202781DJgc
 1    include  a  statement  that  public access to the Internet is
 2    available at public libraries.   Any  notice  required  under
 3    this  paragraph  is  in addition to any other notice required
 4    under this subsection (b).
 5    (Source: P.A. 79-328.)

 6        Section 99.  Effective date.  This Act  takes  effect  on
 7    July 1, 2001.

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