Illinois Compiled Statutes
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205 ILCS 5/5d
(205 ILCS 5/5d)
(from Ch. 17, par. 312.3)
Notwithstanding any other provision of this Act, a bank may
engage in making revolving credit loans secured by mortgages or deeds of
trust on real property or by security assignments of beneficial interests
in land trusts.
For purposes of this Section, "revolving credit", has the meaning defined
in Section 4.1 of "An Act in relation to the rate of interest and other
charges in connection with sales on credit and the lending of money", approved
May 24, 1879, as amended.
Any mortgage or deed of trust given to secure a revolving credit loan may,
and when so expressed therein shall, secure not only the existing indebtedness,
but also such future advances, whether such advances are obligatory or to
be made at the option of the lender, or otherwise, as are made within twenty
years from the date thereof, to the same extent as if such future advances
were made on the date of the execution of such mortgage or deed of trust,
although there may be no advance made at the time of execution of such mortgage
or other instrument, and although there may be no indebtedness outstanding
at the time any advance is made. The lien of such mortgage or deed of
trust, as to third persons without actual notice thereof, shall be valid as
to all such indebtedness and future advances from the time said mortgage or
deed of trust is filed for record in the office of the Recorder of Deeds or
the Registrar of Titles of the county where the real property described
therein is located. The total amount of indebtedness that may be so
secured may increase or decrease from time to time, but the total unpaid
balance so secured at any one time shall not exceed a maximum principal
amount which must be specified in such mortgage or deed of trust, plus
interest thereon, and any disbursements made for the payment of taxes,
special assessments, or insurance on said real property, with interest on
Any such mortgage or deed of trust shall be valid and have priority over
all subsequent liens and encumbrances, including statutory liens, except
taxes and assessments levied on said real property.
For purposes of this Section, "real property" includes a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code, that is real property as defined in Section 5-35 of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
(Source: P.A. 98-749, eff. 7-16-14.)