| ||||
| Public Act 101-0097 | ||||
| ||||
| ||||
AN ACT concerning civil law.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
Section 5. The Mortgage Act is amended by changing Sections | ||||
2 and 4 as follows:
| ||||
(765 ILCS 905/2) (from Ch. 95, par. 52)
| ||||
Sec. 2.
Every mortgagee of real property, his or her | ||||
assignee of record, or other
legal
representative, having | ||||
received full satisfaction and payment of all such
sum or sums | ||||
of money as are really due to him or her from the mortgagor, | ||||
and every
trustee, or his or her successor in trust, in a deed | ||||
of trust in the nature of a
mortgage, the notes, bonds or other | ||||
indebtedness secured thereby having
been fully paid before | ||||
September 7, 1973, shall, at the request of the
mortgagor, or | ||||
grantor
in a deed of trust in the nature of a mortgage, his or | ||||
her heirs, legal
representatives or assigns, or a person | ||||
authorized by such mortgagor, grantor, heir, legal | ||||
representative, or assign, in case such mortgage or trust deed | ||||
has been
recorded or registered, make, execute and deliver to | ||||
the mortgagor or grantor
in a deed
of trust in the nature of a | ||||
mortgage, his or her heirs, legal representatives or
assigns, | ||||
or a person authorized by the mortgagor, grantor, heir, legal | ||||
representative, or assign, an instrument in writing executed in | ||||
conformity with the
provisions of this Section section | ||
releasing such mortgage or deed of trust in the
nature of a | ||
mortgage, which release shall be entitled to be recorded or
| ||
registered and
the recorder or registrar upon receipt of such a | ||
release and the payment of the
recording fee therefor shall | ||
record or register the same.
| ||
Mortgages of real property and deeds of trust in the nature | ||
of a
mortgage shall be released of record only in the manner | ||
provided herein
or as provided in the Mortgage Certificate of | ||
Release Act; however,
nothing contained in this Act shall in | ||
any manner affect the
validity of any release of a mortgage or | ||
deed of trust made prior to
January 1, 1952 on the margin of | ||
the record.
| ||
Except in the case of a mortgage that is required to be | ||
released under the
Mortgage Certificate of
Release Act, every | ||
mortgagee of real
property, his or her assignee of record, or | ||
other legal representative, having
received full satisfaction | ||
and payment of all such sum or sums of money as
are really due | ||
to him or her from the mortgagor, and every trustee, or his or | ||
her
successor in trust, in a deed of trust in the nature of a | ||
mortgage, the
notes, bonds or other indebtedness secured | ||
thereby having been fully paid
after September 7, 1973, shall | ||
make, execute and deliver to the mortgagor
or grantor in a
deed | ||
of trust in the nature of a mortgage, his or her heirs, legal | ||
representatives
or assigns, or person authorized by such | ||
mortgagor, grantor, heir, legal representative, or assign, an | ||
instrument in writing releasing such mortgage or deed of
trust | ||
in the nature of a mortgage or shall deliver that release to | ||
the
recorder or registrar for recording or registering. If the | ||
release
is delivered
to the mortgagor or
grantor, it must have | ||
imprinted on its face in bold letters at least 1/4
inch in | ||
height the following: "FOR THE PROTECTION OF THE OWNER, THIS
| ||
RELEASE SHALL BE FILED WITH THE RECORDER OR THE REGISTRAR OF
| ||
TITLES IN WHOSE OFFICE THE
MORTGAGE OR DEED OF TRUST WAS | ||
FILED". The recorder, or registrar, upon
receipt of such a
| ||
release and the payment of the recording or registration fee, | ||
shall record
or register the release. A certificate of release | ||
issued and recorded by a
title insurance company or its duly | ||
appointed agent pursuant to the Mortgage
Certificate of Release | ||
Act shall satisfy the requirements of this Section 2.
| ||
(Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)
| ||
(765 ILCS 905/4) (from Ch. 95, par. 54)
| ||
Sec. 4.
If any mortgagee or trustee, in a deed in the | ||
nature of a mortgage, of
real property, or his or her executor | ||
or administrator, heirs or assigns, knowing
the same to be | ||
paid, shall not, within 30 days one month after the payment of | ||
the
debt secured by such mortgage or trust deed, comply with | ||
the requirements
of Section 2 of this Act, he or she shall, for | ||
every such offense, be liable for
and pay to the party | ||
aggrieved the sum of $200 which may be recovered by
the party | ||
aggrieved in a civil action, together with reasonable | ||
attorney's
fees. In any such action, introduction of a loan | ||
payment book or receipt
which indicates that the obligation has | ||
been paid shall be sufficient
evidence to raise a presumption | ||
that the obligation has been paid. Upon a
finding for the party | ||
aggrieved, the court shall order the mortgagee or
trustee, or | ||
his or her executor or administrator, heirs or assigns, to | ||
make,
execute and deliver the release as provided in Section 2 | ||
of this Act. The
successor in interest to the mortgagee or | ||
trustee in a deed in the nature
of a mortgage shall not be | ||
liable for the penalty prescribed in this
Section if he or she | ||
complies with the requirements of Section 2 of this Act
within | ||
30 days one month after succeeding to the interest.
| ||
(Source: P.A. 78-587.)
| ||