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Illinois Compiled Statutes

Information maintained by the Legislative Reference BureauUpdating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent lawsmay not yet be included in the ILCS database, but they are found on this site as Public Acts soon

after they become law. For information concerning the relationship between statutes and PublicActs, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutorychanges are sometimes included in the statute database before they take effect. If the source noteat the end of a Section of the statutes includes a Public Act that has not yet taken effect, the versionof the law that is currently in effect may have already been removed from the database and youshould refer to that Public Act to see the changes made to the current law.

PROPERTY(765 ILCS 905/) Mortgage Act.

(765 ILCS 905/0.01) (from Ch. 95, par. 50)

Sec. 0.01. Short title. This Act may be cited as the

Mortgage Act.

(Source: P.A. 86-1324.)

(765 ILCS 905/1) (from Ch. 95, par. 51)

Sec. 1. Any mortgage heretofore or hereafter executed by a

public utility (as defined in Section 3-105 of The Public

Utilities Act), or by any corporation that may own or operate,

within the State, any plant, equipment or property that shall

be used for or in connection with the conveyance of oil or gas

by pipe line, in the manner provided for the execution of

mortgages upon real estate, may include both real and personal

property; and any mortgage heretofore or hereafter executed by

such public utility or such oil or gas pipe line corporationupon its real and personal property shall constitute a valid

lien upon all and every part of the property of the mortgagor

which is described in such mortgage and which is situated in

any county in this State where such mortgage is or shall be

recorded in the manner provided for the recording of real

estate mortgages, and such mortgages shall be governed by the

provisions hereinafter stated for mortgages of real property.

(Source: P.A. 85-1209.)

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

Sec. 2. Every mortgagee of real property, his 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 from the mortgagor, and every trustee,

or his 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 heirs, legal

representatives or assigns, 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 heirs, legal representatives or

assigns, an instrument in writing executed in conformity with

Page 1 of 4765 ILCS 905/ Mortgage Act.

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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 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 from the mortgagor, and every trustee, or his 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 thenature of a mortgage, his heirs, legal representatives or

assigns, 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. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)

(765 ILCS 905/3) (from Ch. 95, par. 53)

Sec. 3. An instrument in writing which releases a mortgage

or trust deed of real property may be acknowledged or proved

in the same manner as deeds for the conveyance of land.

(Source: Laws 1961, 1st Spec.Sess., p. 42.)

(765 ILCS 905/4) (from Ch. 95, par. 54)

Sec. 4.

If any mortgagee or trustee, in a deed in the nature of amortgage, of real property, or his executor or administrator,

heirs or assigns, knowing the same to be paid, shall not,

within one month after the payment of the debt secured by such

mortgage or trust deed, comply with the requirements of

Section 2 of this Act, he shall, for every such offense, be

liable for and pay to the party aggrieved the sum of $200

which may be recovered by the party aggrieved in a civil

action, together with reasonable attorney's fees. In any such

action, introduction of a loan payment book or receipt which

indicates that the obligation has been paid shall be


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sufficient evidence to raise a presumption that the obligation

has been paid. Upon a finding for the party aggrieved, the

court shall order the mortgagee or trustee, or his executor or

administrator, heirs or assigns, to make, execute and deliver

the release as provided in Section 2 of this Act. The

successor in interest to the mortgagee or trustee in a deed in

the nature of a mortgage shall not be liable for the penalty

prescribed in this Section if he complies with the

requirements of Section 2 of this Act within one month after

succeeding to the interest.

(Source: P.A. 78-587.)

(765 ILCS 905/5) (from Ch. 95, par. 55)

Sec. 5. Every deed conveying real estate, which shall

appear to have been intended only as a security in the nature

of a mortgage, though it be an absolute conveyance in terms,

shall be considered as a mortgage.


(765 ILCS 905/13) (from Ch. 95, par. 63)

Sec. 13. Any person who has a mortgage lien upon any land

against which there exists a prior mortgage may pay anyinterest or any installment of the principal or interest which

may be in default upon any such prior mortgage and all such

sums so paid shall become a part of the debt secured by such

junior mortgage, shall bear interest from date of payment at

the same rate as the indebtedness secured by such prior

mortgage and shall be collectible with, as a part of and in

the same manner, as the amount secured by such junior

mortgage.


(765 ILCS 905/14) (from Ch. 95, par. 64)

Sec. 14. "An Act to revise the law in relation to

mortgages of real and personal property and to validate

certain transactions, including filings or recordings of

mortgages of personal property, and affidavits of extension or

renewal thereof, heretofore made or occurring," approved March

26, 1874, as amended, is repealed.


(765 ILCS 905/15) (from Ch. 95, par. 65)

Sec. 15. Notwithstanding the repeal of said Act approved

March 26, 1874, any mortgage executed prior to midnight on

July 1, 1962 in conformity with the provisions of said Act in

effect at the time of the execution thereof may be recorded or

filed, the lien and validity thereof may be extended or

renewed, and such mortgages may be terminated, completed,

consummated or enforced, and the rights, duties and interestsflowing from any such mortgages shall remain and be valid all

in the same manner and to the same extent and on the same

terms as provided in said Act as if said Act continued in

force for all such purposes after July 1, 1962.


(765 ILCS 905/16) (from Ch. 95, par. 66)

Sec. 16. This Act shall take effect at midnight on July 1,

1962.



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