(810 ILCS 5/9-604)
Procedure if security agreement covers real property or
(a) Enforcement: personal and real property. If a security
agreement covers both personal and real property, a secured party may proceed:
(1) under this Part as to the personal property
without prejudicing any rights with respect to the real property; or
(2) as to both the personal property and the real
property in accordance with the rights with respect to the real property, in which case the other provisions of this Part do not apply.
(b) Enforcement: fixtures. Subject to subsection (c), if a security
agreement covers goods that are or become fixtures, a secured party may
(1) under this Part; or
(2) in accordance with the rights with respect to
real property, in which case the other provisions of this Part do not apply.
(c) Removal of fixtures. Subject to the other provisions of this
Part, if a secured party holding a security interest in fixtures has priority over all
owners and encumbrancers of the real property, the secured party, after default,
may remove the collateral from the real property.
(d) Injury caused by removal. A secured party that removes
collateral shall promptly reimburse any encumbrancer or owner of the real
property, other than the debtor, for the cost of repair of any physical injury caused
by the removal. The secured party need not reimburse the encumbrancer or owner
for any diminution in value of the real property caused by the absence of the
removed or by any necessity of replacing them. A person entitled to
reimbursement may refuse permission to remove until the secured party gives
adequate assurance for the performance of the obligation to reimburse.
(Source: P.A. 91-893, eff. 7-1-01.)