SB2221 amends the Probate Act of 1975 to modify procedures for selling or mortgaging real estate in probate proceedings.
SB2221 amends the Probate Act of 1975 to change how courts handle the sale or mortgage of real estate in probate proceedings. The bill specifies that if secured creditors cannot be satisfied in full, the court may not direct the sale without the secured creditor's approval to accept partial satisfaction. If the secured creditors cannot be satisfied in full, the court must provide for the satisfaction of the lien out of the proceeds of the sale according to its relative priority.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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