Illinois Compiled Statutes 765 ILCS 905 — Mortgage Act.

Short title

Short title. This Act may be cited as the Mortgage Act. (Source: P.A. 86-1324.)

Any mortgage heretofore or hereafter executed by a public utility (as defined in Section 3-105 of The Public Utilities Act), or by any corporation that may own or operate, within the State, any plant, equipment or property that shall be used for or in connection with the conveyance of oil or gas by pipe line, in the ma…

Every mortgagee of real property, his or her assignee of record, or other legal representative, having received full satisfaction and payment of all such sum or sums of money as are really due to him or her from the mortgagor, and every trustee, or his or her successor in trust, in a deed of trust in the nature of a mo…

An instrument in writing which releases a mortgage or trust deed of real property may be acknowledged or proved in the same manner as deeds for the conveyance of land

An instrument in writing which releases a mortgage or trust deed of real property may be acknowledged or proved in the same manner as deeds for the conveyance of land. (Source: Laws 1961, 1st Spec.Sess., p. 42.)

If any mortgagee or trustee, in a deed in the nature of a mortgage, of real property, or his or her executor or administrator, heirs or assigns, knowing the same to be paid, shall not, within 30 days after the payment of the debt secured by such mortgage or trust deed, comply with the requirements of Section 2 of this…

Every deed conveying real estate, which shall appear to have been intended only as a security in the nature of a mortgage, though it be an absolute conveyance in terms, shall be considered as a mortgage. (Source: Laws 1961, 1st Spec.Sess., p. 42.)

Any person who has a mortgage lien upon any land against which there exists a prior mortgage may pay any interest or any installment of the principal or interest which may be in default upon any such prior mortgage and all such sums so paid shall become a part of the debt secured by such junior mortgage, shall bear int…

Real estate; real property

Real estate; real property. As used in this Act, "real estate" and "real property" include a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code that is real property as defined in the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act. (Sour…

This Act shall take effect at midnight on July 1, 1962

This Act shall take effect at midnight on July 1, 1962. (Source: Laws 1961, 1st Spec.Sess., p. 42.)

Notwithstanding any other provisions of this Act: (1) The Act does not abrogate the Illinois common law that the payment in full of a debt secured by a mortgage extinguishes the lien

Notwithstanding any other provisions of this Act: (1) The Act does not abrogate the Illinois common law that the payment in full of a debt secured by a mortgage extinguishes the lien. (2) Payment in full of a debt secured by a mortgage pursuant to a payoff statement, as defined in Section 5 of the Mortgage Certificate…