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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0069 Introduced 1/27/2011, by Sen. Ira I. Silverstein SYNOPSIS AS INTRODUCED:
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| 735 ILCS 5/15-1511 | from Ch. 110, par. 15-1511 |
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Amends the Code of Civil Procedure. Provides that in the event of the foreclosure of residential real estate, a mortgagee is prohibited from obtaining a personal judgment against the mortgagor for a deficiency.
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| | A BILL FOR |
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| | SB0069 | | LRB097 00129 AJO 40170 b |
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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 15-1511 as follows:
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| 6 | | (735 ILCS 5/15-1511) (from Ch. 110, par. 15-1511)
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| 7 | | Sec. 15-1511. Deficiency. |
| 8 | | (a) Except as expressly prohibited in subsection (b) and as |
| 9 | | expressly prohibited by this Article,
foreclosure of a mortgage |
| 10 | | does not affect a mortgagee's rights, if any, to
obtain a |
| 11 | | personal judgment against any person for a deficiency.
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| 12 | | (b) In the event of the foreclosure of residential real |
| 13 | | estate, a mortgagee is prohibited from obtaining a personal |
| 14 | | judgment against the mortgagor for a deficiency. |
| 15 | | (Source: P.A. 84-1462.)
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