(770 ILCS 70/11)
(from Ch. 82, par. 511)
Bond to indemnify against liens.
1. Whenever any lien or liens shall be filed under the provisions of
this Act, then any owner or the contractor or subcontractor whom such
lien or liens are claimed, or either of them, may file a bond with the
Recorder of the county in which the property is located as herein provided.
Such bond shall describe the property on which lien or liens are claimed,
shall refer to the lien or liens claimed in a manner sufficient to
identify them, shall be in the principal amount of the claimed lien or
liens referred to, plus 25% thereof, and shall be executed by the party
filing same as principal and by a corporate surety authorized under the
laws of this State to execute such bonds as surety and shall be conditioned
substantially that the principal and surety will pay to the obligees named
or their assigns the amounts of the liens so claimed by them with all costs
in the event same shall be proven to be liens on such property.
2. Upon the filing of such bond, the Recorder shall send a notice
thereof, together with a copy of the bond, to all lien claimants named
therein, by registered or certified mail addressed to such lien claimants
at the address set forth in their respective claims for lien.
3. Such bond, when filed, and such notice, when mailed, shall be
recorded by the Recorder in the oil and gas lien records, and any purchaser
or lender may rely upon the record of such bond and notice in acquiring any
interest in said property and shall absolutely be protected thereby.
4. In lieu of filing of the bond as provided for herein, a deposit of
cash may be made in the amount of claimed lien or liens referred to plus
25% thereof and the same procedure shall be followed by the Recorder as
required in the case of filing of a bond. Such bond, or cash deposit when
filed, shall take the place of the property against which any claim for
lien referred to in such bond is asserted. At any time within the period of
time provided in Section 12, any person claiming such lien may sue upon
such bond or cash, but no action shall be brought upon such bond after the
expiration of such period. One action upon said bond shall not exhaust the
remedies thereon but each obligee or assignee of an obligee named therein
may maintain a separate suit thereon in any court having jurisdiction.
5. In case the lienholder shall recover in a suit upon the bond or
deposit of cash, he shall be entitled to recover a reasonable attorney's
fee, to be fixed by the court, which shall be taxed as costs in this action.
(Source: P.A. 86-377.)