Illinois General Assembly - Full Text of SB3650
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Full Text of SB3650  102nd General Assembly

SB3650eng 102ND GENERAL ASSEMBLY

  
  
  

 


 
SB3650 EngrossedLRB102 24547 LNS 33781 b

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

 

 

SB3650 Engrossed- 2 -LRB102 24547 LNS 33781 b

1any time within 10 years after the time of such payment or
2promise to pay.
3    (d) This Section is declarative of existing law.