Illinois Compiled Statutes 735 ILCS 5/15-1202 – Collateral Assignment of Beneficial Interest
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/15-1202
- 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.
“Collateral assignment of beneficial interest” means any pledge or assignment of the beneficial interest in a land trust to any person to secure a debt or other obligation.