Illinois Compiled Statutes 735 ILCS 5/12-114 – Sale in separate items
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/12-114
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Personal property: All property that is not real property.
Except as to any sale had by virtue of a judgment of foreclosure entered in accordance with Article XV, when real or personal property is taken in the enforcement of a judgment, if the property is susceptible of division it shall be sold in separate tracts, lots or articles, and only so much shall be sold as is necessary to satisfy the judgment and costs.