Illinois Compiled Statutes
815 ILCS 405/22 (2026)
When subsequent purchases are made, if the seller has retained or taken a security interest in any of the goods purchased under any one of the contracts included in the consolidation he (1) shall apply the entire amount of all payments made before the subsequent purchases to the previous purchases; (2) shall allocate each payment on the consolidated contract after the subsequent purchases to all of the various purchases in the same ratio as the original cash sale prices of the various purchases bear to the total of all; (3) may, at his option, where the amount of each installment payment is increased in connection with a subsequent purchase, allocate the subsequent payments by applying an amount equal to the original periodic payment to the previous purchase and the balance to the subsequent purchase
✓ current as of May 2026
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(815 ILCS 405/22)
(from Ch. 121 1/2, par. 522)
Sec. 22.
When subsequent purchases are made, if the seller has retained or
taken a security interest in any of the goods purchased under any one of
the contracts included in the consolidation he
(1) shall apply the entire amount of all payments made before the
subsequent purchases to the previous purchases;
(2) shall allocate each payment on the consolidated contract after the
subsequent purchases to all of the various purchases in the same ratio as
the original cash sale prices of the various purchases bear to the total of
all;
(3) may, at his option, where the amount of each installment payment is
increased in connection with a subsequent purchase, allocate the subsequent
payments by applying an amount equal to the original periodic payment to
the previous purchase and the balance to the subsequent purchase. However,
he must allocate the amount of any down payment on the subsequent purchase
in its entirety to the subsequent purchase.
This Section does not apply to subsequent purchases involving equipment
or other goods attached or affixed to goods previously purchased and not
fully paid for, or to services in connection therewith rendered by the
seller at the buyer's request.
(Source: Laws 1967, p. 2149.)
Notes of Decisions
Cited in 1
case, 1994–1994 · leading case: In Re Short, 170 B.R. 128 (Bankr. S.D. Ill. 1994).
In Re Short, 170 B.R. 128 (Bankr. S.D. Ill. 1994). “See 815 ILCS 405/22 (1993). This provision applies only to a "seller,” which does not include an assignee such as American in this case.”
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