Illinois General Assembly - Full Text of SB3522
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Full Text of SB3522  97th General Assembly


Rep. Elaine Nekritz

Filed: 5/17/2012





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2    AMENDMENT NO. ______. Amend Senate Bill 3522 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Conveyances Act is amended by changing
5Section 11 as follows:
6    (765 ILCS 5/11)  (from Ch. 30, par. 10)
7    Sec. 11. (a) Mortgages of lands may be substantially in the
8following form:
9    The Mortgagor (here insert name or names), mortgages and
10warrants to (here insert name or names of mortgagee or
11mortgagees), to secure the payment of (here recite the nature
12and amount of indebtedness, showing when due and the rate of
13interest, and whether secured by note or otherwise), the
14following described real estate (here insert description
15thereof), situated in the County of ...., in the State of



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1    Dated (insert date).
(signature of mortgagor or mortgagors)

3    The names of the parties shall be typed or printed below
4the signatures. Such form shall have a blank space of 3 1/2
5inches by 3 1/2 inches for use by the recorder. However, the
6failure to comply with the requirement that the names of the
7parties be typed or printed below the signatures and that the
8form have a blank space of 3 1/2 inches by 3 1/2 inches for use
9by the recorder shall not affect the validity and effect of
10such form.
11    Such mortgage, when otherwise properly executed, shall be
12deemed and held a good and sufficient mortgage in fee to secure
13the payment of the moneys therein specified; and if the same
14contains the words "and warrants," the same shall be construed
15the same as if full covenants of ownership, good right to
16convey against incumbrances of quiet enjoyment and general
17warranty, as expressed in Section 9 of this Act were fully
18written therein; but if the words "and warrants" are omitted,
19no such covenants shall be implied. When the grantor or
20grantors in such deed or mortgage for the conveyance of any
21real estate desires to release or waive his, her or their
22homestead rights therein, they or either of them may release or
23waive the same by inserting in the form of deed or mortgage (as
24the case may be), provided in Sections 9, 10 and 11, after the
25words "State of Illinois," in substance the following words,



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1"hereby releasing and waiving all rights under and by virtue of
2the homestead exemption laws of this State."
3    Mortgages securing "reverse mortgage" loans shall be
4subject to this Section except where requirements concerning
5the definiteness of the term and amount of indebtedness
6provisions of a mortgage would be inconsistent with the Acts
7authorizing "reverse mortgage" loans, or rules and regulations
8promulgated under those Acts.
9    Mortgages securing "revolving credit" loans shall be
10subject to this Section.
11    (b) The provisions of subsection (a) regarding the form of
12a mortgage are, and have always been, permissive and not
13mandatory. Accordingly, the failure of an otherwise lawfully
14executed and recorded mortgage to be in the form described in
15subsection (a) in one or more respects, including the failure
16to state the interest rate or the maturity date, or both, shall
17not affect the validity or priority of the mortgage, nor shall
18its recordation be ineffective for notice purposes regardless
19of when the mortgage was recorded.
20(Source: P.A. 91-357, eff. 7-29-99.)
21    Section 99. Effective date. This Act takes effect upon
22becoming law.".