Terms Used In Illinois Compiled Statutes 770 ILCS 50/2

  • Lien: A claim against real or personal property in satisfaction of a debt.
     Unless the chattel is redeemed within 90 days of the completion of the expenditure of such labor, services, skill, or material or furnishing of storage, or within 90 days of the date agreed upon for redemption, the lien may be enforced by a commercially reasonable public or private sale conducted so as to maximize the net proceeds of said sale as hereinafter provided.