Assessment Lien and Foreclosure (Illinois)

By Matthew A. Quick In the case of 1010 Lake Shore Association v Deutsche Bank National Trust Company, the Court held that a bank shall pay outstanding assessments due on a condo, including assessments incurred prior to bank's purchase of condo, and any late fees. A lien created under Section 9(g)(1) of Condominium Property Act for unpaid assessments by a previous owner is fully extinguished after judicial foreclosure and sale when the buyer (in this case the bank) pays assessments.