Illinois General Assembly - Illinois Compiled Statutes

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765 ILCS 935/20

(765 ILCS 935/20)

Sec. 20.

Contents of certificate of release.


A certificate of release executed under this Act must
contain substantially all of the following for each mortgage being
released:

(a) The name of the mortgagor, the name of the original mortgagee, and, if
applicable, the mortgage servicer at the date of the mortgage, the date of
recording, and the volume and page or document number or other official
recording
designation in the real property records where the mortgage is recorded.

(b) A statement that the mortgage was paid in accordance with the
written payoff
statement and there is no
objection from the mortgagee or mortgage servicer or its successor in
interest.
  With respect to previously paid mortgages, the hold-harmless letter
from a title insurance
company, as provided in Section 10.1 of this Act, shall satisfy this
requirement.

(c) A statement that the person executing the certificate of release is an
officer or a duly appointed agent of a title insurance company authorized and
licensed to transact the business of insuring titles to interests in real
property in this State pursuant to subsections (2) and (3) of Section 3 of the
Title Insurance Act.

(d) A statement that the certificate of release is made on behalf of the
mortgagor or a person who acquired title from the mortgagor to all or a part of
the property described in the mortgage.

(e) A statement that the mortgagee or mortgage servicer provided a
written payoff
statement.  The hold-harmless letter from a title
insurance company, as provided in Section 10.1 of this Act, shall
satisfy this requirement with respect to previously paid mortgages.

(Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)