Illinois Compiled Statutes 315 ILCS 20/3-5 – “Mortgage” means a mortgage, trust indenture, deed of trust or other …
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Terms Used In Illinois Compiled Statutes 315 ILCS 20/3-5
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
“Mortgage” means a mortgage, trust indenture, deed of trust or other instrument creating a lien on Real Property, and the indebtedness secured thereby.