Illinois General Assembly - Illinois Compiled Statutes

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765 ILCS 905/2

(765 ILCS 905/2) (from Ch. 95, par. 52)

Sec. 2.

Every mortgagee of real property, his or her assignee of record, or other
legal
representative, having received full satisfaction and payment of all such
sum or sums of money as are really due to him or her from the mortgagor, and every
trustee, or his or her successor in trust, in a deed of trust in the nature of a
mortgage, the notes, bonds or other indebtedness secured thereby having
been fully paid before September 7, 1973, shall, at the request of the
mortgagor, or grantor
in a deed of trust in the nature of a mortgage, his or her heirs, legal
representatives or assigns, or a person authorized by such mortgagor, grantor, heir, legal representative, or assign, in case such mortgage or trust deed has been
recorded or registered, make, execute and deliver to the mortgagor or grantor
in a deed
of trust in the nature of a mortgage, his or her heirs, legal representatives or
assigns, or a person authorized by the mortgagor, grantor, heir, legal representative, or assign, an instrument in writing executed in conformity with the
provisions of this Section releasing such mortgage or deed of trust in the
nature of a mortgage, which release shall be entitled to be recorded or
registered and
the recorder or registrar upon receipt of such a release and the payment of the
recording fee therefor shall record or register the same.

Mortgages of real property and deeds of trust in the nature of a
mortgage shall be released of record only in the manner provided herein
or as provided in the Mortgage Certificate of Release Act; however,
nothing contained in this Act shall in any manner affect the
validity of any release of a mortgage or deed of trust made prior to
January 1, 1952 on the margin of the record.

Except in the case of a mortgage that is required to be released under the
Mortgage Certificate of
Release Act, every mortgagee of real
property, his or her assignee of record, or other legal representative, having
received full satisfaction and payment of all such sum or sums of money as
are really due to him or her from the mortgagor, and every trustee, or his or her
successor in trust, in a deed of trust in the nature of a mortgage, the
notes, bonds or other indebtedness secured thereby having been fully paid
after September 7, 1973, shall make, execute and deliver to the mortgagor
or grantor in a
deed of trust in the nature of a mortgage, his or her heirs, legal representatives
or assigns, or person authorized by such mortgagor, grantor, heir, legal representative, or assign, an instrument in writing releasing such mortgage or deed of
trust in the nature of a mortgage or shall deliver that release to the
recorder or registrar for recording or registering.  If the release
is delivered
to the mortgagor or
grantor, it must have imprinted on its face in bold letters at least 1/4
inch in height the following: "FOR THE PROTECTION OF THE OWNER, THIS
RELEASE SHALL BE FILED WITH THE RECORDER OR THE REGISTRAR OF
TITLES IN WHOSE OFFICE THE
MORTGAGE OR DEED OF TRUST WAS FILED".  The recorder, or registrar, upon
receipt of such a
release and the payment of the recording or registration fee, shall record
or register the release.  A certificate of release issued and recorded by a
title insurance company or its duly appointed agent pursuant to the Mortgage
Certificate of Release Act shall satisfy the requirements of this Section 2.

(Source: P.A. 101-97, eff. 1-1-20.)