(765 ILCS 935/40)
Sec. 40.
Wrongful or erroneous certificate of release.
Recording of a wrongful or erroneous certificate of release by a
title insurance company or its
title insurance
agent shall not relieve the mortgagor or the
mortgagor's successors or assignees from any personal liability on the loan or
other obligations secured by the mortgage. In addition to any other remedy
provided by law, a title insurance company
executing or
recording a certificate of release
under this Act is liable to the
mortgagee for actual damages sustained due to the recording of the certificate
of release.
The prevailing party
in any action or proceeding seeking actual damages due to
the recording of a certificate of release shall be entitled
to the recovery of reasonable attorneys fees and costs
incurred in that action or proceeding.
(Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)
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