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91_HB3782
LRB9112430DJtm
1 AN ACT in relation to real property.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Mortgage Act is amended by changing
5 Section 2 as follows:
6 (765 ILCS 905/2) (from Ch. 95, par. 52)
7 Sec. 2. Release of mortgage; manner. Every mortgagee of
8 real property, his assignee of record, or other legal
9 representative, having received full satisfaction and payment
10 of all such sum or sums of money as are really due to him
11 from the mortgagor, and every trustee, or his successor in
12 trust, in a deed of trust in the nature of a mortgage, the
13 notes, bonds or other indebtedness secured thereby having
14 been fully paid before September 7, 1973, shall, at the
15 request of the mortgagor, or grantor in a deed of trust in
16 the nature of a mortgage, his heirs, legal representatives or
17 assigns, in case such mortgage or trust deed has been
18 recorded or registered, make, execute and deliver to the
19 mortgagor or grantor in a deed of trust in the nature of a
20 mortgage, his heirs, legal representatives or assigns, an
21 instrument in writing executed in conformity with the
22 provisions of this section releasing such mortgage or deed of
23 trust in the nature of a mortgage, which release shall be
24 entitled to be recorded or registered and the recorder or
25 registrar upon receipt of such a release and the payment of
26 the recording fee therefor shall record or register the same.
27 Mortgages of real property and deeds of trust in the
28 nature of a mortgage shall be released of record only in the
29 manner provided herein; however, nothing contained in this
30 Act shall in any manner affect the validity of any release of
31 a mortgage or deed of trust made prior to January 1, 1952 on
-2- LRB9112430DJtm
1 the margin of the record.
2 Every mortgagee of real property, his assignee of record,
3 or other legal representative, having received full
4 satisfaction and payment of all such sum or sums of money as
5 are really due to him from the mortgagor, and every trustee,
6 or his successor in trust, in a deed of trust in the nature
7 of a mortgage, the notes, bonds or other indebtedness secured
8 thereby having been fully paid after September 7, 1973, shall
9 make, execute and deliver to the mortgagor or grantor in a
10 deed of trust in the nature of a mortgage, his heirs, legal
11 representatives or assigns, an instrument in writing
12 releasing such mortgage or deed of trust in the nature of a
13 mortgage or shall deliver that release to the recorder or
14 registrar for recording or registering. If the release is
15 delivered to the mortgagor or grantor, it must have imprinted
16 on its face in bold letters at least 1/4 inch in height the
17 following: "FOR THE PROTECTION OF THE OWNER, THIS RELEASE
18 SHALL BE FILED WITH THE RECORDER OR THE REGISTRAR OF TITLES
19 IN WHOSE OFFICE THE MORTGAGE OR DEED OF TRUST WAS FILED".
20 The recorder, or registrar, upon receipt of such a release
21 and the payment of the recording or registration fee, shall
22 record or register the release.
23 (Source: P.A. 83-358.)