This case presents question as to whether wholly owned subsidiary of mortagee that purchased condominium at foreclosure sale is considered “mortgagee” under section 9(g)(4) of Illinois Condominium Property Act, so that third-party who later purchased condominium from subsidiary becomes liable for payment of six months delinquent assessments. Trial court found that defendant, as third-party purchaser of condominium from subsidiary, was not liable for any past due assessments. Appellate Court, in reversing trial court, found that instant subsidiary was “mortgagee” since it was acting on Bank’s behalf at judicial sale, thus triggering defendant’s obligation to pay assessments during six months preceding plaintiff-association’s action to enforce its lien. In its petition for leave to appeal, defendant argued that there was no evidence establishing that subsidiary was designated to act on behalf of Bank at foreclosure sale.
Illinois Supreme Court PLAs
Civil Court
Illinois Condominium Property Act