(65 ILCS 5/9-3-45) (from Ch. 24, par. 9-3-45)
Sec. 9-3-45.
Any owner or person interested in any real estate sold under
the provisions of this Division 3 has the right to redeem from such sale at
any time within 2 years from date of sale upon payment of the amount bid
and paid by the purchaser as set out in the certificate of sale, plus all
taxes and assessments thereafter paid by the purchaser, together with
interest on all such sums at the rate of the greater of 9% per annum or
70% of the prime commercial rate in effect on the date the special assessment
ordinance is adopted. Interest shall run from date of sale
(and from date of payment of taxes and assessments in case of such
payments) to date of payment to the clerk of the court. An entry of all
such redemptions shall be made on the court docket. The clerk shall
immediately notify the purchasers of such redemption and that he may obtain
his money upon surrender of certificate of purchase.
(Source: P.A. 82-686.)
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