Bill Text: IL HB4761 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Mortgage Foreclosure Article of the Code of Civil Procedure. Provides that the grantee named in a deed issued in connection with a judicial foreclosure shall cause the deed to be recorded with the county recorder in which the real estate is located within 60 days of delivery of the deed.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB4761 Detail]
Download: Illinois-2013-HB4761-Introduced.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Code of Civil Procedure is amended by | |||||||||||||||||||
5 | changing Section 15-1509 as follows:
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6 | (735 ILCS 5/15-1509) (from Ch. 110, par. 15-1509)
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7 | Sec. 15-1509. Transfer of Title and Title Acquired.
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8 | (a) Deed. After (i) confirmation
of the sale, and (ii) | |||||||||||||||||||
9 | payment of the purchase price and any other
amounts required to | |||||||||||||||||||
10 | be paid by the purchaser at sale, the court (or, if the
court | |||||||||||||||||||
11 | shall so order, the person who conducted the
sale or such | |||||||||||||||||||
12 | person's successor or some persons specifically appointed
by | |||||||||||||||||||
13 | the court for that purpose), shall upon the request of the | |||||||||||||||||||
14 | holder
of the certificate of sale
(or the purchaser if no | |||||||||||||||||||
15 | certificate of sale was issued), promptly
execute a deed to the
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16 | holder or purchaser sufficient to convey
title. Such deed
shall | |||||||||||||||||||
17 | identify the court and the caption of the case in which | |||||||||||||||||||
18 | judgment was
entered authorizing issuance of the deed. | |||||||||||||||||||
19 | Signature and the recital in the
deed of the title or authority | |||||||||||||||||||
20 | of the person signing the deed as grantor,
of authority | |||||||||||||||||||
21 | pursuant to the judgment and of the giving of the notices
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22 | required by this Article is sufficient proof of the facts | |||||||||||||||||||
23 | recited and of
such authority to execute the deed, but such |
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1 | deed shall not be construed to
contain any covenant on the part | ||||||
2 | of the person executing it. If the deed
issues to a grantee | ||||||
3 | prior to the expiration of the period for appealing the
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4 | confirmation of sale, and the grantee conveys title to
another | ||||||
5 | party within that period, that other party will not be deemed a
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6 | bona fide purchaser unless and until such period expires | ||||||
7 | without an appeal
having been filed or, an appeal having been | ||||||
8 | filed, such appeal is denied or
withdrawn.
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9 | (b) Effect Upon Delivery of Deed. Delivery of the deed | ||||||
10 | executed on the
sale of the real estate, even if the purchaser | ||||||
11 | or holder of the certificate
of sale is a party to the | ||||||
12 | foreclosure, shall be sufficient to pass the
title thereto.
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13 | (c) Claims Barred. Any vesting of title by a consent | ||||||
14 | foreclosure
pursuant to Section 15-1402 or by deed pursuant to | ||||||
15 | subsection (b) of
Section 15-1509, unless otherwise specified | ||||||
16 | in the judgment
of foreclosure, shall be an entire bar of (i) | ||||||
17 | all claims of parties to the
foreclosure and (ii) all claims of | ||||||
18 | any nonrecord claimant who is given
notice of the foreclosure | ||||||
19 | in accordance with paragraph (2) of subsection
(c) of Section | ||||||
20 | 15-1502, notwithstanding the provisions of subsection (g) of
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21 | Section 2-1301 to the contrary. Any person seeking relief from | ||||||
22 | any
judgment or order entered in the foreclosure in accordance
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23 | with subsection (g) of Section 2-1301 of the Code of Civil | ||||||
24 | Procedure may
claim only an interest in the proceeds of sale.
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25 | (d) The grantee named in a deed issued under this Section | ||||||
26 | shall cause the deed to be recorded with the county recorder in |
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1 | which the real estate is located within 60 days of delivery of | ||||||
2 | the deed. | ||||||
3 | (Source: P.A. 86-974.)
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