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| | SB1443 Engrossed | | LRB104 07581 JRC 17625 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Mortgage Act is amended by adding Section |
| 5 | | 17 as follows:
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| 6 | | (765 ILCS 905/17 new) |
| 7 | | Sec. 17. Notwithstanding any other provisions of this Act: |
| 8 | | (1) The Act does not abrogate the Illinois common law |
| 9 | | that the payment in full of a debt secured by a mortgage |
| 10 | | extinguishes the lien. |
| 11 | | (2) Payment in full of a debt secured by a mortgage |
| 12 | | pursuant to a payoff statement, as defined in Section 5 of |
| 13 | | the Mortgage Certificate of Release Act, issued by or on |
| 14 | | behalf of the holder of the indebtedness extinguishes the |
| 15 | | lien of the mortgage.
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| 16 | | Section 99. Effective date. This Act takes effect upon |
| 17 | | becoming law. |