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A. To secure payment of any final assessment of any tax, interest or penalty due from a final assessee, the city shall have a lien upon all the final assessee's real and personal property located or found within the city, including all real or personal property acquired after the date on which any final assessment was issued.
B. 1. No city tax lien shall be effective against any bona fide purchaser for value of any item purchased in the usual and ordinary course of business from a person's stock in trade.
2. The department shall file a tax lien upon the property to be encumbered: a. For real property, with the registrar of titles or the recorder of deeds of Cook County; b. For personal property, with the recorder of deeds of Cook County and with the Secretary of State of Illinois.
3. At least 10 days prior to filing a lien, the department shall give notice to the final assessee of its intent to file the lien.
C. Nothing in subsection A of this section shall be construed to give the city a preference over the rights of any bona fide purchaser, mortgagee, judgment creditor or other lienholder who perfected its lien prior to the filing of the department's lien.
D. In addition to any other remedy provided by this chapter or otherwise by law, and pursuant to Section 8-3-15 of the Illinois Municipal Code, as amended, and the Illinois Retailers' Occupation Tax Act, as amended, the city may enforce its lien on personal property:
1. By levying on personal property or the rights to personal property. The term “levy” includes the power of distraint and seizure by any means; provided, however, the department must first demand payment of the assessed amount. If payment is not made within 10 days following receipt of the written demand and if no judicial or other review is pending, then the department may issue a warrant requesting the sheriff of Cook County to levy on the property and rights to such property found within the city, for payment of the amount of tax, interest, penalties and costs due. The sheriff may seize and sell such property or property rights so found and shall return to the city the money collected from the sale, less the normal fees for his or her services in executing the warrant.
2. After a written demand as provided in subsection D1 of this section is made, the comptroller also may serve process to levy on accounts or other intangible assets of a final assessee held by any bank, bank holding company, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, savings and loan association, building and loan association, credit union, currency exchange, cooperative bank, small loan company, sales finance company, investment company or any person owed by a bank or bank holding company.
E. In addition to any other remedy provided by this chapter or otherwise by law, the city may foreclose on its lien on real or personal property to the same extent and in the same manner as in the enforcement of other liens. No proceedings to foreclose shall be instituted more than seven years after the filing of the department's lien, except that this period shall not run:
(1) for the period of time in which a judicial or other review is pending on the final assessment that forms the basis for the lien or
(2) for the duration of any judicial order enjoining or restraining the department from instituting foreclosure proceedings.
F. All fees for the recording of notices of liens or release of liens shall be added to the sum payable by the final assessee.
(Added Coun. J. 11-14-91, p. 7458; Amend Coun. J. 3-31-04, p. 20916, § 4.11; Amend Coun. J. 11-16-11, p. 13798, Art. I, § 3)