"Statutory judgment rate" means the rate of interest on judgments specified in Section 2-1303 of the Code of Civil Procedure.
15-1220.Statutory Judgment Rate.
Article XV. Mortgage Foreclosure · Part 12. Definitions · Not amended since adoption on record · Last verified July 20, 2026
In one sentenceThis section defines “statutory judgment rate” as the interest rate on judgments set out in Section 2-1303 of the Code of Civil Procedure.
Full Text of 735 ILCS 5/15-1220
Plain-English Summary
Section 15-1220 defines statutory judgment rate by cross-reference rather than by restating a number: it means the rate of interest on judgments specified in Section 2-1303 of the Code of Civil Procedure. Because that rate is set in the general judgment-interest statute, Article XV does not need to track or amend a rate of its own whenever Section 2-1303 changes.
Foreclosure proceedings frequently involve judgments, including deficiency judgments, where post-judgment interest matters, and this definition lets other Article XV sections that reference the statutory judgment rate stay current with whatever rate Section 2-1303 provides.
Frequently Asked Questions
What is the statutory judgment rate under Article XV?
The rate of interest on judgments specified in Section 2-1303 of the Code of Civil Procedure.
Where is the actual interest rate set?
In Section 2-1303 of the Code of Civil Procedure, not in this section itself.
Why does the foreclosure article cross-reference this rate rather than restate it?
Cross-referencing keeps the definition current automatically if Section 2-1303's rate changes, without needing a separate amendment to Article XV.
When does this rate typically apply in a foreclosure case?
Wherever another Article XV section refers to the statutory judgment rate, such as provisions dealing with judgments entered in the foreclosure.
Does the rate change over time?
Any change would occur through Section 2-1303, since this section defines the term by reference to that section rather than fixing a rate of its own.
Amendment History
(Source: P.A. 84-1462.)
Source & verification. Section text and amendment history are
reproduced verbatim from the Illinois Compiled Statutes, published by the
Illinois Compiled Statutes, Illinois General Assembly / Legislative Reference Bureau. Last verified July 20, 2026.
· Official source
Also known as: illinois statutory judgment rate foreclosureinterest rate on foreclosure judgment illinoissection 2-1303 judgment interest rate