93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4759


 
Introduced 02/04/04, by Bill Mitchell
 
SYNOPSIS AS INTRODUCED:
 		
















765 ILCS 905/2
  from Ch. 95, par. 52


765 ILCS 935/Act rep.









    Amends the Mortgage Act.  Removes references to the Mortgage Certificate of Release Act.  Repeals the Mortgage Certificate of Release Act.    Effective immediately.



















LRB093 16208 LCB 41841 b




















 


 


A BILL FOR









 














HB4759

LRB093 16208 LCB 41841 b









1
    AN ACT concerning mortgages.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The Mortgage Act is amended  by changing Section 
5
2 as follows:
 



6
    (765 ILCS 905/2)  (from Ch. 95, par. 52)


7
    Sec. 2. Every mortgagee of real property, his assignee of 
8
record, or other
legal
representative, having received full 
9
satisfaction and payment of all such
sum or sums of money as 
10
are really due to him from the mortgagor, and every
trustee, or 
11
his successor in trust, in a deed of trust in the nature of a

12
mortgage, the notes, bonds or other indebtedness secured 
13
thereby having
been fully paid before September 7, 1973, shall, 
14
at the request of the
mortgagor, or grantor
in a deed of trust 
15
in the nature of a mortgage, his heirs, legal
representatives 
16
or assigns, in case such mortgage or trust deed has been

17
recorded or registered, make, execute and deliver to the 
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mortgagor or grantor
in a deed
of trust in the nature of a 
19
mortgage, his heirs, legal representatives or
assigns, an 
20
instrument in writing executed in conformity with the

21
provisions of this section releasing such mortgage or deed of 
22
trust in the
nature of a mortgage, which release shall be 
23
entitled to be recorded or
registered and
the recorder or 
24
registrar upon receipt of such a release and the payment of the

25
recording fee therefor shall record or register the same.

26
    Mortgages of real property and deeds of trust in the nature 
27
of a
mortgage shall be released of record only in the manner 
28
provided herein
or as provided in the Mortgage Certificate of 
29
Release Act; however,
nothing contained in this Act shall in 
30
any manner affect the
validity of any release of a mortgage or 
31
deed of trust made prior to
January 1, 1952 on the margin of 
32
the record.

 


 









HB4759
- 2 -
LRB093 16208 LCB 41841 b







1
    Except in the case of a mortgage that is required to be 
2
released under the
Mortgage Certificate of
Release Act, Every 
3
mortgagee of real
property, his assignee of record, or other 
4
legal representative, having
received full satisfaction and 
5
payment of all such sum or sums of money as
are really due to 
6
him from the mortgagor, and every trustee, or his
successor in 
7
trust, in a deed of trust in the nature of a mortgage, the

8
notes, bonds or other indebtedness secured thereby having been 
9
fully paid
after September 7, 1973, shall make, execute and 
10
deliver to the mortgagor
or grantor in a
deed of trust in the 
11
nature of a mortgage, his heirs, legal representatives
or 
12
assigns, an instrument in writing releasing such mortgage or 
13
deed of
trust in the nature of a mortgage or shall deliver that 
14
release to the
recorder or registrar for recording or 
15
registering.  If the release
is delivered
to the mortgagor or

16
grantor, it must have imprinted on its face in bold letters at 
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least 1/4
inch in height the following: "FOR THE PROTECTION OF 
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THE OWNER, THIS
RELEASE SHALL BE FILED WITH THE RECORDER OR THE 
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REGISTRAR OF
TITLES IN WHOSE OFFICE THE
MORTGAGE OR DEED OF 
20
TRUST WAS FILED".  The recorder, or registrar, upon
receipt of 
21
such a
release and the payment of the recording or registration 
22
fee, shall record
or register the release.  A certificate of 
23
release issued and recorded by a
title insurance company or its 
24
duly appointed agent pursuant to the Mortgage
Certificate of 
25
Release Act shall satisfy the requirements of this Section 2.

26
(Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)



 

27
    (765 ILCS 935/Act rep.)

28
    Section 10. The Mortgage Certificate of Release Act is 
29
repealed.
 

30
    Section 99. Effective date. This Act takes effect upon 
31
becoming law.