(765 ILCS 95/2)
(from Ch. 30, par. 1002)
In this Act:
(a) "Lender" means an individual or any other entity that advances funds
secured by an interest in real property or secured by a collateral
assignment of a beneficial interest in an Illinois land trust holding title
to real property.
(b) "Man-made underground mine" includes without limitation coal mines,
clay mines, limestone mines, and fluorspar mines.
(c) "Mine subsidence" means lateral or vertical ground movement that
directly damages a structure and that results from the collapse of a man-made
underground mine. Lateral or vertical ground movement
caused by earthquake, landslide, volcanic eruption, soil conditions, soil
erosion, soil freezing and thawing, improperly compacted soil, construction
defects, roots of trees and shrubs, or collapse of storm or sewer drains or
rapid transit tunnels is not mine subsidence.
(d) "Transfer" means:
(1) a conveyance of an interest in real property by
"Transfer" does not, however, include the following: deeds or trust
documents that, without additional consideration, confirm, correct, modify,
or supplement a deed or trust document previously recorded; tax deeds;
deeds or trust documents of release of property that is security for a
debt or other obligation; deeds of partition; conveyances occurring as a
result of a foreclosure of a mortgage or other lien on real property;
easements; or conveyances of interests in minerals, oil, or gas.
(e) "Transferee" means a buyer, mortgagee, grantee, or lessee of real
property, an assignee of a collateral assignment of a beneficial interest
in an Illinois land trust, or an assignee of a more than 25% beneficial
interest in an Illinois land trust.
(f) "Transferor" means a seller, grantor, mortgagor, or lessor of real
property, an assignor of a collateral assignment of the beneficial interest
in an Illinois land trust, an assignor of a more than 25% beneficial interest
in an Illinois land trust, or, in the case of a transfer by the
trustee of an Illinois land trust, the owner of the beneficial interest in the
(g) "Undermined" means that a man-made underground mine
exists below all or part of the surface of real property.
(Source: P.A. 91-357, eff. 7-29-99.)