Illinois Supreme Court Agrees to Decide Whether Third Party Buyer is Liable for Delinquent Assessments to Mortgagee’s Subsidiary

According to Section 9(g)(4) of the Illinois Condominium Property Act, any purchaser of a condominium unit who acquires a property either at a foreclosure sale or by post-foreclosure purchase from the mortgagee must pay the last six months’ worth of delinquent assessments on the unit. 765 ILCS 605/9(g)(4).  So where the wholly-owned subsidiary of the original mortgagee buys the property at the foreclosure sale and subsequently sells to a third party, is that subsidiary a “mortgagee” under the statute, triggering the duty to pay back assessments? That’s the question which the Illinois Supreme Court agreed to decide in the final days of the January term, allowing a petition for leave to appeal in Wing Street of Arlington Heights Condominium Association v. Kiss the Chef Holdings, LLC, a decision from Division Three of the First District.   Read the article…………………


Related Articles

Can a Condominium Association Face a Second Foreclosure Suit? (FL)

The Florida Supreme Court’s recent decision in Bartram v. U.S. National Bank Association is instructive for condominium associations and community

Court Again Reaffirms the Requirement to Strictly Comply with HOA Laws

The recent case of Diamond v. Superior Court (Casa Del Valle Homeowners Association) has reaffirmed the importance of a Homeowners

Man alleges condo was damaged by flood caused by association employees (FL)

A condo owner alleges his residence was flooded because of negligence in the operation of a water line.  Andrew M.