Foreclosure and Security Deposits (Illinois)

By Matthew A. Quick The Code of Civil Procedure has been updated to require the mortgagor to transfer to the purchaser any security deposit and accrued interest paid by a current occupant if the mortgaged real estate contains five or more dwelling units. The purchaser must post a notice that informs the occupant of the security deposit at each dwelling unit for which the purchaser has a security deposit within 21 days after the purchaser’s receipt of the security deposits. This change is effective immediately and is codified at 735 ILCS 5/15-1508.