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An act authorizing the redemption of real estate
Sec[Section] 1. Be it enacted by the people of the state of Illinois represente[d] in the General Assembly,
That all real estate hereafter sold by execution dicree, or otherwise, shall be subject to be redeemed by the owner, or any of his bona fide
creditors and each bona fide creditor shall have the right to redeem from any other
bona fide creditor in the manner hereafter pointed out by this act.
Sec. 2 When real estate has been sold by execution or other distress sale, The officer
of such sale shall give a certificate to the purchaser in which shall be described
the premises sold, and the amount bid by the purchaser, and from the date of said
sale, the original owner shall have a right to redeem for the term of two years thereafter,
and for and during said period of two years the sale shall be considered as open to
each and every bona fide purchaser ^creditor^, to bid against each other, each creditor giving the debtor, credit for the amount
bid by him, should he be the holder of the property ^land or real estate^ at the time of such bidding, and when the [first?] purchaser shall have exhausted his debt he shall transfer his certificate of purchase
to the creditor who has paid & satisfied his claim, and his transfer shall be evidence
of the final settlement of his debt, and so on in succession during the aforesaid
period, but at any time the original owner shall redeem, the sale shall be considered
[as?] closed, [unless?]
Sec. 3 When it is not convenient for a bona fide creditor to find the purchaser, he shall
have the privilege of redeeming the property lands or lots of land by payin[g] the money to the Clerk of the circuit Court in the County where the land shall be
situated, and so shall each bona fide creditor, and the origin[al] owner, and in all cases of redemption of real estate the original owner, or any bonafide
creditor sh[all]
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pay the amount then ^due^ upon the land, together with ten per Cent per annum interest thereon, The object of this act being intended to aid the unfortunate
debtor to obtain the best price for his property, and giving to all bonafide creditors
the best oppertunity to secure their debts, which act shall be thus construed by all the Courts of this
State.
Sec. 4. At the expiration of two years and not from the date of sale, or at any time thereafter, and not before that time, the officer
who sold said land or his successor in office, shall convey the premises so sold as
aforesaid to the purchaser or any bona fide criditor who shall have redeemed the same, and who shall have, or be entitled to have, the
certificate of sale aforesaid ^and until the execution of said deed, the original owner shall keep possession of
the premises.^ This act shall be in force from and after its passage and shall apply to all cases
where any real estate has heretofore been sold, and is now subject to be redeemed.
All laws coming within the purview and meaning of this act are hereby repealed
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No 86
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43
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A bill for an act, to amend The law in relation to the redemption of real estate.
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Com. Judiciary
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lay table
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1William H. Henderson introduced the bill in the House of Representatives on January 12, 1839. The House referred the bill to the Committee on the Judiciary,
which reported back on January 17, recommending rejection of the bill. On January
17, the House tabled the bill.
Journal of the House of Representatives of the Eleventh General Assembly of the State
of Illinois, at Their First Session (Vandalia, IL: William Walters, 1838), 205, 225.
Handwritten Document, 2 page(s), Folder 186, GA Session 11-1, Illinois State Archives (Springfield)