Full Text of SB2994 93rd General Assembly
SB2994 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 SB2994
Introduced 2/6/2004, by Kimberly A. Lightford SYNOPSIS AS INTRODUCED: |
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765 ILCS 905/2 |
from Ch. 95, par. 52 |
765 ILCS 935/Act rep. |
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Amends the Mortgage Act. Removes references to the Mortgage Certificate of Release Act. Repeals the Mortgage Certificate of Release Act. Effective immediately.
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A BILL FOR
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SB2994 |
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LRB093 17485 LCB 43154 b |
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| AN ACT concerning mortgages.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Mortgage Act is amended by changing Section | 5 |
| 2 as follows:
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| (765 ILCS 905/2) (from Ch. 95, par. 52)
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| 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
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| 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
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| recorded or registered, make, execute and deliver to the | 18 |
| 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
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| 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
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| recording fee therefor shall record or register the same.
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| 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.
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SB2994 |
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LRB093 17485 LCB 43154 b |
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| 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
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| 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
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| grantor, it must have imprinted on its face in bold letters at | 17 |
| least 1/4
inch in height the following: "FOR THE PROTECTION OF | 18 |
| THE OWNER, THIS
RELEASE SHALL BE FILED WITH THE RECORDER OR THE | 19 |
| 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.
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| (Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)
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| (765 ILCS 935/Act rep.)
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| Section 10. The Mortgage Certificate of Release Act is | 29 |
| repealed.
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| Section 99. Effective date. This Act takes effect upon | 31 |
| becoming law.
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