(735 ILCS 5/12-906)
(from Ch. 110, par. 12-906)
Sec. 12-906. Proceeds of sale. When a homestead is conveyed by the owner
thereof, such
conveyance shall not subject the premises to any lien or incumbrance to
which it would not be subject in the possession of such owner; and the
proceeds thereof, to the extent of the amount of $15,000, shall
be
exempt from judgment or other process, for one year after the receipt
thereof, by the person entitled to the exemption, and if reinvested in a
homestead the same shall be entitled to the same exemption as the
original homestead.
(Source: P.A. 94-293, eff. 1-1-06.)
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(735 ILCS 5/12-907) (from Ch. 110, par. 12-907)
Sec. 12-907.
Insurance proceeds.
Whenever a building, exempted as a
homestead, is insured in
favor of the person entitled to the exemption, and a loss occurs,
entitling such person to the insurance, such insurance money shall be
exempt to the same extent as the building would have been had it not
been destroyed.
(Source: P.A. 82-280.)
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(735 ILCS 5/12-908) (from Ch. 110, par. 12-908)
Sec. 12-908.
Enforcement of lien.
In the enforcement of a lien in
the circuit court upon
premises, including the homestead, if such right is not waived or
released, as provided in Part 9 of Article XII of this Act, the court
may set off the homestead
and order the sale of the balance of the premises, or, if the value of
the premises exceeds the exemption, and the premises cannot be divided, the court
may order the sale of the whole and the payment of the amount of the
exemption to the person entitled thereto.
(Source: P.A. 83-707.)
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(735 ILCS 5/12-909)
(from Ch. 110, par. 12-909)
Sec. 12-909. Bid for less than exempted amount. No sale shall be made
of the premises on such judgment
unless a greater sum than $15,000 is bid therefor. If a
greater sum is not so bid, the judgment may be set aside or modified, or
the enforcement of the judgment released, as for lack of property.
(Source: P.A. 94-293, eff. 1-1-06.)
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(735 ILCS 5/12-910)
(from Ch. 110, par. 12-910)
Sec. 12-910. Proceedings to enforce judgment. If in the opinion of the
judgment creditors, or the officer holding a certified copy of a judgment
for enforcement against such individuals, the premises claimed by him or her
as exempt are worth more than $15,000, such officer shall summon
3 individuals,
as commissioners, who shall, upon oath, to be administered
to them by the officer, appraise the premises, and if, in their opinion,
the property may be divided without damage to the interest of the
parties, they shall set off so much of the premises, including the dwelling
house, as in their opinion is worth $15,000, and the
residue of the premises may be advertised and sold by such officer. Each
commissioner shall receive for his or her services the sum of $5 per day
for each day necessarily engaged in such service. The officer summoning such
commissioners shall receive such fees as may be allowed for serving
summons, but shall be entitled to charge mileage for only the actual
distance traveled from the premises to be appraised, to the residence of
the commissioners summoned. The officer shall not be required
to summon commissioners until the judgment creditor, or some one for him
or her, shall advance to the officer one day's fees for the commissioners,
and unless the creditor shall advance such fees the officer shall not be
required to enforce the judgment. The costs of such appraisement shall not
be taxed against the judgment debtor unless such appraisement
shows that the judgment debtor has property subject to such judgment.
(Source: P.A. 94-293, eff. 1-1-06.)
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(735 ILCS 5/12-911)
(from Ch. 110, par. 12-911)
Sec. 12-911. Notice to judgment debtor. In case the value of the premises
is, in the opinion of the commissioners, more than $15,000, and
cannot be
divided as is provided for in Section 12-910 of this Act, they shall make
and sign an appraisal of the value thereof, and deliver the same to the
officer, who shall deliver a copy thereof to the judgment debtor, or to
some one of the family of the age of 13 years or upwards, with a
notice thereto attached that
unless the judgment debtor pays to such officer the surplus over and above
$15,000 on the amount due on the judgment within 60 days
thereafter, such
premises will be sold.
(Source: P.A. 94-293, eff. 1-1-06.)
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(735 ILCS 5/12-912)
(from Ch. 110, par. 12-912)
Sec. 12-912. Sale of premises - Distribution of proceeds. In case of such
surplus, or the amount due on the judgment is
not paid within the 60 days, the officer may advertise and sell the premises,
and out of the proceeds of such sale pay to such judgment debtor the sum
of $15,000, and apply the balance on the judgment.
(Source: P.A. 94-293, eff. 1-1-06.)
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