Full Text of HB1337 097th General Assembly
HB1337eng 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Conveyances Act is amended by changing | 5 | | Section 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 | 8 | | following form:
| 9 | | The Mortgagor (here insert name or names), mortgages and | 10 | | warrants to
(here insert name or names of mortgagee or | 11 | | mortgagees), to secure the
payment of (here recite the nature | 12 | | and amount of indebtedness, showing
when due and the rate of | 13 | | interest, and whether secured by note or
otherwise), the | 14 | | following described real estate (here insert description
| 15 | | thereof), situated in the County of ...., in the State of | 16 | | Illinois.
| 17 | | Dated (insert date).
| 18 | | (signature of mortgagor or mortgagors)
| 19 | | The names of the parties shall be typed or printed below | 20 | | the
signatures. Such form shall have a blank space of 3 1/2 | 21 | | inches by 3 1/2
inches for use by the recorder. However, the | 22 | | failure to comply with the
requirement that the names of the |
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| 1 | | parties be typed or printed
below the signatures and that the | 2 | | form have a blank space of 3 1/2
inches by 3 1/2 inches for use | 3 | | by the recorder shall not affect
the validity and effect of | 4 | | such form.
| 5 | | Such mortgage, when otherwise properly executed, shall be
| 6 | | deemed and held a good and sufficient mortgage in fee to secure | 7 | | the
payment of the moneys therein specified; and if the same | 8 | | contains the
words "and warrants," the same shall be construed | 9 | | the same as if full
covenants of ownership, good right to | 10 | | convey against incumbrances of
quiet enjoyment and general | 11 | | warranty, as expressed in Section 9 of this
Act were fully | 12 | | written therein; but if the words "and warrants" are
omitted, | 13 | | no such covenants shall be implied. When the grantor or
| 14 | | grantors in such deed or mortgage for the conveyance of any | 15 | | real
estate desires to release or waive his, her or their | 16 | | homestead rights
therein, they or either of them may release or | 17 | | waive the same by
inserting in the form of deed or mortgage (as | 18 | | the case may be), provided
in Sections 9, 10 and 11, after the | 19 | | words "State of Illinois," in
substance the following words, | 20 | | "hereby releasing and waiving all rights
under and by virtue of | 21 | | the homestead exemption laws of this State."
| 22 | | Mortgages securing "reverse mortgage" loans shall be | 23 | | subject to this Section
except where requirements concerning | 24 | | the definiteness of the term and amount of
indebtedness | 25 | | provisions of a mortgage would be inconsistent with the Acts
| 26 | | authorizing "reverse mortgage" loans, or rules and regulations |
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| 1 | | promulgated
under those Acts.
| 2 | | Mortgages securing "revolving credit" loans shall be | 3 | | subject to this Section.
| 4 | | (b) Notwithstanding any provision of subsection (a) of this | 5 | | Section, no person may challenge the validity or priority of an | 6 | | otherwise lawfully executed and recorded mortgage solely on the | 7 | | basis that the rate of interest was not expressed in the | 8 | | recorded mortgage instrument. | 9 | | (Source: P.A. 91-357, eff. 7-29-99.)
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