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Illinois Compiled Statutes - Full Text
Information maintained by the Legislative Reference Bureau
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(735 ILCS 5/12-1001.1) (This Section may contain text from a Public Act with a delayed effective date) Sec. 12-1001.1. Automatic exemption. (a) "Automatic exemption" means the right of a judgment debtor, against whom a consumer debt judgment as defined in paragraph (1) of subsection (b) of Section 2-1303 has been entered on or after January 1, 2020, to receive $1,000 of the judgment debtor's equity interest in personal property held in a checking or savings deposit account by a third party citation respondent or garnishee immediately upon entry of the consumer debt judgment and before the entry of an order of the court (i) confirming the judgment debtor's personal property exemption in that sum of money, or (ii) otherwise directing the turnover of the funds to the judgment creditor. The automatic exemption is part of the judgment debtor's equity interest, not to exceed $4,000 in value, in any property under subsection (b) of Section 12-1001. (b) The judgment debtor's right to receive the automatic exemption expires on the return date, and the unspent portion of the automatic exemption shall be subject to the entry of an order by the court directing its turnover to the judgment creditor to be applied towards satisfaction of the judgment. (c) The lien imposed by subsection (m) of Section 2-1402 with respect to a citation or subsection (a) of Section 12-707 with respect to a garnishment shall not apply to the automatic exemption prior to the return date. (d) A third party citation respondent shall exclude the amount of the automatic exemption when withholding the payment of moneys sought to be enforced by the judgment creditor pursuant to paragraph (1) of subsection (f) of Section 2-1402. (e) If a third party citation respondent or garnishee is ordered to turn over funds of the judgment debtor held in a checking or savings deposit account in its possession, it shall not be obligated to turn over funds in excess of the amount it is holding on the date that it processes the turnover order, irrespective of the account balance on the date of the judgment, the date of its answers to the citation or garnishment, or the return date. The turnover order shall operate to serve as a dismissal of the citation or garnishment and release of the judgment against the third party citation respondent or garnishee, upon the receipt of the turnover funds by the judgment creditor or its attorney. (f) If the judgment debtor or the judgment debtor's attorney does not appear on the return date to claim the judgment debtor's equity interest, not to exceed $4,000, in any personal property held by the third party citation respondent or garnishee, the court may enter an order directing the turnover of the funds, including the automatic exemption or any remaining portion thereof, to the judgment creditor. (Source: P.A. 104-120, eff. 1-1-26.) |