Illinois General Assembly - Illinois Compiled Statutes

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765 ILCS 935/10.1

(765 ILCS 935/10.1)

Sec. 10.1.

Previously paid mortgages.

A title insurance company or its
duly appointed title insurance agent may issue a mortgage certificate of
release pursuant to this Act for a mortgage that appears in the chain of title
prior to the mortgage presently being paid.  The title insurance company must
have proof of payment from its own prior files that it paid the mortgage or
mortgages pursuant to a payoff statement. Where another
title insurance company has paid off an unreleased mortgage pursuant to a
payoff statement, the title insurance company or its
duly appointed title insurance agent in the current transaction may rely upon
the hold-harmless letter of that prior title insurance company
to issue a mortgage certificate of release.  This grant of authority
is subject to the condition that the issuer of the mortgage certificate of
release does not have notice that the lender opposes its release.  A single
mortgage certificate of release may include more than one mortgage, including
both presently and previously paid mortgages.

(Source: P.A. 93-428, eff. 12-31-03.)