(735 ILCS 5/15-1205) (from Ch. 110, par. 15-1205)
Sec. 15-1205.
Land Trust.
"Land trust" means any trust arrangement
under which the legal and equitable title to real estate is held by a
trustee, the interest of the beneficiary of the trust is personal property
and the beneficiary or any person designated in writing by the beneficiary
has (i) the exclusive power to direct or control the trustee in dealing
with the title to the trust property, (ii) the exclusive control of the
management, operation, renting and selling of the trust property and (iii)
the exclusive right to the earnings, avails and proceeds of the trust property.
(Source: P.A. 84-1462.)
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(735 ILCS 5/15-1206) (from Ch. 110, par. 15-1206)
Sec. 15-1206. Mechanics' Lien. "Mechanics' lien" or "mechanics' lien
claim" means a lien or claim arising under the Mechanics
Lien Act.
(Source: P.A. 96-328, eff. 8-11-09.)
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(735 ILCS 5/15-1207) (from Ch. 110, par. 15-1207)
Sec. 15-1207.
Mortgage.
"Mortgage" means any consensual lien created
by a written instrument which grants or retains an interest in real estate
to secure a debt or other obligation. The term "mortgage" includes, without limitation:
(a) mortgages securing "reverse mortgage" loans as authorized by
subsection (a) of Section
5 of the Illinois Banking Act;
(b) mortgages securing "revolving credit" loans as authorized by
subsection (c) of Section
5 of the Illinois Banking Act, Section 1-6b of the Illinois Savings and
Loan Act and Section 46 of the Illinois Credit Union Act;
(c) every deed conveying real estate, although an absolute conveyance in
its terms, which shall have been intended only as a security in the nature
of a mortgage;
(d) equitable mortgages; and
(e) instruments which would have been deemed instruments in the nature
of a mortgage prior to the effective date of this amendatory Act of 1987.
(Source: P.A. 85-907.)
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(735 ILCS 5/15-1208) (from Ch. 110, par. 15-1208)
Sec. 15-1208.
Mortgagee.
"Mortgagee" means (i) the holder of an
indebtedness or obligee of a
non-monetary obligation secured by a mortgage or any person designated or
authorized to act on behalf of such holder and (ii) any person claiming
through a mortgagee as successor.
(Source: P.A. 84-1462.)
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(735 ILCS 5/15-1209) (from Ch. 110, par. 15-1209)
Sec. 15-1209.
Mortgagor.
"Mortgagor" means (i) the person whose
interest in the real estate is the subject of the mortgage and (ii) any
person claiming through a mortgagor as successor.
Where a mortgage is executed by a trustee of a land trust, the mortgagor
is the trustee and not the beneficiary or beneficiaries.
(Source: P.A. 85-907.)
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(735 ILCS 5/15-1210) (from Ch. 110, par. 15-1210)
Sec. 15-1210.
Nonrecord Claimant.
"Nonrecord claimant" means any
person (i) who has or claims to have an interest in mortgaged real estate,
(ii) whose name or interest, at the time a notice of foreclosure is
recorded in accordance with Section 15-1503, is not disclosed of record
either (1) by means of a recorded notice or (2) by means of a proceeding
which under the law as in effect at the time the foreclosure is commenced
would afford constructive notice of the existence of such interest and
(iii) whose interest falls in any of the following categories: (1) right of
homestead, (2) judgment creditor, (3) beneficial interest under any trust
other than the beneficial interest of a beneficiary of a trust in actual
possession of all or part of the real estate or (4) mechanics' lien claim.
Notwithstanding the foregoing, for the purpose of this Article no
proceeding shall be deemed to constitute constructive notice of the
interest of any nonrecord claimant in the mortgaged real estate unless in
the proceeding there is a legal description of the real estate sufficient
to identify it with reasonable certainty. The classification of any person
as a nonrecord claimant under the foregoing definition shall not be
affected by any actual notice or knowledge
of or attributable to the mortgagee.
(Source: P.A. 84-1462.)
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