Illinois Compiled Statutes 625 ILCS 5/1-155 – Owner
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Terms Used In Illinois Compiled Statutes 625 ILCS 5/1-155
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
A person who holds legal title of a vehicle, or in the event a vehicle is the subject of an agreement for the conditional sale or lease thereof with the right of purchase upon performance of the conditions stated in the agreement and with an immediate right of possession vested in the conditional vendee or lessee, or in the event a mortgagor of such vehicle is entitled to possession, then such conditional vendee or lessee or mortgagor shall be deemed the owner for the purpose of this Code.