Sec. 4-227. Remnants.

175 words·~1 min read·/il/chapter-735/act-5/4-227

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 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.