Illinois General Assembly - Full Text of SB0069
Illinois General Assembly

Previous General Assemblies

Full Text of SB0069  97th General Assembly

SB0069 97TH GENERAL ASSEMBLY

  
  

 


 
97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0069

 

Introduced 1/27/2011, by Sen. Ira I. Silverstein

 

SYNOPSIS AS INTRODUCED:
 
735 ILCS 5/15-1511  from Ch. 110, par. 15-1511

    Amends the Code of Civil Procedure. Provides that in the event of the foreclosure of residential real estate, a mortgagee is prohibited from obtaining a personal judgment against the mortgagor for a deficiency.


LRB097 00129 AJO 40170 b

 

 

A BILL FOR

 

SB0069LRB097 00129 AJO 40170 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Code of Civil Procedure is amended by
5changing Section 15-1511 as follows:
 
6    (735 ILCS 5/15-1511)  (from Ch. 110, par. 15-1511)
7    Sec. 15-1511. Deficiency.
8    (a) Except as expressly prohibited in subsection (b) and as
9expressly prohibited by this Article, foreclosure of a mortgage
10does not affect a mortgagee's rights, if any, to obtain a
11personal judgment against any person for a deficiency.
12    (b) In the event of the foreclosure of residential real
13estate, a mortgagee is prohibited from obtaining a personal
14judgment against the mortgagor for a deficiency.
15(Source: P.A. 84-1462.)