Judicial sale definition
Examples of Judicial sale in a sentence
Judicial sale without objection on part of lessee.—Bona fide purchaser without knowledge of lease.—Estoppel.
As used in this Section, unless the context otherwise requires: "Judicial sale" means any sale of real or personal property in accordance with a court order, including, but not limited to, judicial sales conducted pursuant to Section 15-1507 of the Code of Civil Procedure, sales ordered to satisfy judgments under Article XII of the Code of Civil Procedure, and enforcements of delinquent property taxes under Article 21 of the Property Tax Code.
Judicial sale pursuant to an action to foreclose the said first mortgage shall extinguish the lien of any assessments which became due prior to such sale but shall not extinguish the personal liability of the Owner.