(215 ILCS 155/22)
(from Ch. 73, par. 1422)
Tax indemnity; notice.
A corporation authorized to do business under this Act
shall notify the Director of Revenue of the State
of Illinois, by notice directed to his office in the City of Chicago, of
each trust account or similar account established which relates to title
exceptions due to a judgment lien or any other lien arising
under any tax Act administered by the Illinois Department of Revenue, when
notice of such lien has been filed with the registrar of titles or
recorder or in the State Tax Lien Registry, as the case may be, in the manner prescribed by law.
Such notice shall contain the name, address, and tax
identification number of the debtor, the permanent real
estate index numbers, if any, and the address and
legal description of the property, the type of lien claimed by the
Department and identification of any trust fund or similar account held by
such corporation or any agent thereof relating to such lien. Any trust
fund or similar account established by such corporation or agent relating
to any such lien shall include provisions requiring such corporation or
agent to apply such fund in satisfaction or release of such lien upon
written demand therefor by the Department of Revenue.
(Source: P.A. 100-22, eff. 1-1-18