(735 ILCS 5/15-1512) (from Ch. 110, par. 15-1512)
Sec. 15-1512.
Application of Proceeds of Sale and Surplus.
The proceeds
resulting from a sale of real estate under this Article shall be applied
in the following order:
(a) the reasonable expenses of sale;
(b) the reasonable expenses of securing possession before sale, holding,
maintaining, and preparing the real estate for sale, including payment of
taxes and other governmental charges, premiums on hazard and liability
insurance, receiver's and management fees, and, to the extent provided
for in the mortgage
or other recorded agreement and not prohibited by law, reasonable
attorneys' fees, payments made pursuant to Section 15-1505 and other legal
expenses incurred by the mortgagee;
(c) if the sale was pursuant to judicial foreclosure, satisfaction of
claims in the order of priority adjudicated in the judgment of foreclosure
or order confirming the sale; and
(d) remittance of any surplus to be held by the person appointed by
the court to conduct the
sale until further order of the court. If there is a surplus, such person
conducting the sale shall send written notice to all parties to the
proceeding advising them of the amount of the surplus, and that the surplus
shall be held until a party obtains a court order for its distribution or
until, in the absence of an order, the surplus is forfeited to the State.
(Source: P.A. 86-974.)
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