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| | SB3650 Engrossed | | LRB102 24547 LNS 33781 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Code of Civil Procedure is amended by |
| 5 | | adding Section 13-115.1 as follows:
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| 6 | | (735 ILCS 5/13-115.1 new) |
| 7 | | Sec. 13-115.1. Equitable mortgages, equitable liens |
| 8 | | against real estate, and subrogation to a prior mortgage. |
| 9 | | (a) An action to establish an equitable mortgage or |
| 10 | | equitable lien against real estate or a claim for subrogation |
| 11 | | to a prior mortgage shall be commenced within 10 years after |
| 12 | | the cause of action accrues. |
| 13 | | (b) No person shall commence an action to foreclose any |
| 14 | | equitable mortgage, equitable lien against real estate, or |
| 15 | | subrogor's mortgage, unless the action is filed within 10 |
| 16 | | years after the cause of action accrues. |
| 17 | | (c) For purposes of this Section, a cause of action |
| 18 | | accrues when the debt held by the equitable mortgagee, |
| 19 | | equitable lien claimant, or subrogee is in default by way of |
| 20 | | maturity, acceleration, demand, or otherwise. However, if any |
| 21 | | payment has been made or any new promise to pay has been made |
| 22 | | in writing, with respect to such debt within or after the |
| 23 | | period of 10 years, then an action may be commenced thereon at |