Illinois § 15-1512 Application of Proceeds of Sale and Surplus

Illinois Statutes

§ 15-1512 — Application of Proceeds of Sale and Surplus

Illinois § 15-1512

JurisdictionIllinois

TopicRIGHTS AND REMEDIES

Ch. 735CIVIL PROCEDURE

Act 735 ILCS 5/Code of Civil Procedure.

Art.Article XV - Mortgage Foreclosure

This text of Illinois § 15-1512 (Application of Proceeds of Sale and Surplus) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

735 Ill. Comp. Stat. 15-1512 (2026).

Text

The proceeds resulting from a sale of real estate under this Article shall be applied in the following order:

(a)the reasonable expenses of sale;

(b)the reasonable expenses of securing possession before sale, holding, maintaining, and preparing the real estate for sale, including payment of taxes and other governmental charges, premiums on hazard and liability insurance, receiver's and management fees, and, to the extent provided for in the mortgage or other recorded agreement and not prohibited by law, reasonable attorneys' fees, payments made pursuant to Section 15-1505 and other legal expenses incurred by the mortgagee;

(c)if the sale was pursuant to judicial foreclosure, satisfaction of claims in the order of priority adjudicated in the judgment of foreclosure or order confirming th

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The proceeds resulting from a sale of real estate under this Article shall be applied in the following order: (a) the reasonable expenses of sale; (b) the reasonable expenses of securing possession before sale, holding, maintaining, and preparing the real estate for sale, including payment of taxes and other governmental charges, premiums on hazard and liability insurance, receiver's and management fees, and, to the extent provided for in the mortgage or other recorded agreement and not prohibited by law, reasonable attorneys' fees, payments made pursuant to Section 15-1505 and other legal expenses incurred by the mortgagee; (c) if the sale was pursuant to judicial foreclosure, satisfaction of claims in the order of priority adjudicated in the judgment of foreclosure or order confirming the sale; and (d) remittance of any surplus to be held by the person appointed by the court to conduct the sale until further order of the court. If there is a surplus, such person conducting the sale shall send written notice to all parties to the proceeding advising them of the amount of the surplus, and that the surplus shall be held until a party obtains a court order for its distribution or until, in the absence of an order, the surplus is forfeited to the State.