Illinois Compiled Statutes 735 ILCS 5/15-1207 – Mortgage
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“Mortgage” means any consensual lien created by a written instrument which grants or retains an interest in real estate to secure a debt or other obligation. The term “mortgage” includes, without limitation:
(a) mortgages securing “reverse mortgage” loans as authorized by subsection (a) of § 5 of the Illinois Banking Act;
(b) mortgages securing “revolving credit” loans as authorized by subsection (c) of § 5 of the Illinois Banking Act, Section 1-6b of the Illinois Savings and Loan Act and § 46 of the Illinois Credit Union Act;
(c) every deed conveying real estate, although an absolute conveyance in its terms, which shall have been intended only as a security in the nature of a mortgage;
(d) equitable mortgages; and
(e) instruments which would have been deemed instruments in the nature of a mortgage prior to the effective date of this amendatory Act of 1987.
(a) mortgages securing “reverse mortgage” loans as authorized by subsection (a) of § 5 of the Illinois Banking Act;
Terms Used In Illinois Compiled Statutes 735 ILCS 5/15-1207
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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.
- 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.
- shall: as used in this Article means mandatory and not permissive. See Illinois Compiled Statutes 735 ILCS 5/15-1105
(b) mortgages securing “revolving credit” loans as authorized by subsection (c) of § 5 of the Illinois Banking Act, Section 1-6b of the Illinois Savings and Loan Act and § 46 of the Illinois Credit Union Act;
(c) every deed conveying real estate, although an absolute conveyance in its terms, which shall have been intended only as a security in the nature of a mortgage;
(d) equitable mortgages; and
(e) instruments which would have been deemed instruments in the nature of a mortgage prior to the effective date of this amendatory Act of 1987.