The following deeds or trust documents shall be exempt from the provisions of this Article except as provided in this Section:
         (a) Deeds representing real estate transfers made
    
before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date.
        (b) Deeds to or trust documents relating to (1)
    
property acquired by any governmental body or from any governmental body, (2) property or interests transferred between governmental bodies, or (3) property acquired by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes. However, deeds or trust documents, other than those in which the Administrator of Veterans Affairs of the United States is the grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the declaration.
        (c) Deeds or trust documents that secure debt or
    
other obligation.
        (d) Deeds or trust documents that, without additional
    
consideration, confirm, correct, modify, or supplement a deed or trust document previously recorded.
        (e) Deeds or trust documents where the actual
    
consideration is less than $100.
        (f) Tax deeds.
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Terms Used In Illinois Compiled Statutes 35 ILCS 200/31-45

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (g) Deeds or trust documents that release property
    
that is security for a debt or other obligation.
        (h) Deeds of partition.
         (i) Deeds or trust documents made pursuant to
    
mergers, consolidations or transfers or sales of substantially all of the assets of corporations under plans of reorganization under the Federal Internal Revenue Code or Title 11 of the Federal Bankruptcy Act.
        (j) Deeds or trust documents made by a subsidiary
    
corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary’s stock.
        (k) Deeds when there is an actual exchange of real
    
estate and trust documents when there is an actual exchange of beneficial interests, except that that money difference or money’s worth paid from one to the other is not exempt from the tax. These deeds or trust documents, however, shall not be exempt from filing the declaration.
        (l) Deeds issued to a holder of a mortgage, as
    
defined in Section 15-103 of the Code of Civil Procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure.
        (m) A deed or trust document related to the purchase
    
of a principal residence by a participant in the program authorized by the Home Ownership Made Easy Act, except that those deeds and trust documents shall not be exempt from filing the declaration.
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