§ 5/4-227 Remnants

Codes > Illinois Compiled Statutes > Chapter 735 > Act 5 : Article IV > Part 2 : 5/4-227 Remnants

§ 4-227. Remnants.

    Any portion of the sum so paid by the sheriff to the clerk, or of a deposit remaining after such distribution as
hereinabove provided, shall be denominated remnants and surplus proceeds, and where any claim or complaint is filed  against the same as provided in Part 2 of Article IV of this Act, distribution shall be directed by the court after judgment upon motion  and notice, as provided in Section 4-226 of this Act, and after the following order:

    First--All costs upon claims passing into judgment which were filed after distribution.

    Second--All other liens enforceable under Part 2 of Article IV of this Act against the water craft prior to distribution.
   

    Third--All claims upon mortgages of such water craft or other incumbrances by the owner, in proportion to the interest they cover and priority.

    Fourth--Upon petition of the creditor, all judgments against the owner, and which ought equitably to be paid out of the proceeds in preference to the owner.

    Fifth--The owner.