(105 ILCS 5/8-10)
(from Ch. 122, par. 8-10)
Interest in default-Actions.
If default is made in the interest due upon money loaned by any township
treasurer, or in the payment of the principal, interest at the rate of 12
per cent per annum shall be charged upon the principal and interest from
the day of default, which interest shall be included in the assessment of
damages, or in the judgment in the suit or action brought upon the
obligation to enforce payment thereof, and interest at the rate of 12 per
cent per annum may be recovered in an action brought to recover interest
only. The township treasurer may bring appropriate actions in the name of
the trustees for the recovery of the interest when due and unpaid, without
suing for the principal, in whatever form secured.
(Source: Laws 1961, p. 31.)