Illinois Compiled Statutes 735 ILCS 5/15-1209 – Mortgagor
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/15-1209
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Trustee: A person or institution holding and administering property in trust.
“Mortgagor” means (i) the person whose interest in the real estate is the subject of the mortgage and (ii) any person claiming through a mortgagor as successor. Where a mortgage is executed by a trustee of a land trust, the mortgagor is the trustee and not the beneficiary or beneficiaries.