(735 ILCS 5/Art. XV Pt. 13 heading) Part 13.
Mortgage Lien Priorities
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(735 ILCS 5/15-1301) (from Ch. 110, par. 15-1301)
Sec. 15-1301.
Lien Created.
Except as provided in Section 15-1302,
from the time a mortgage is recorded it shall be a lien upon the real
estate that is the subject of the mortgage for all monies advanced or
applied or other obligations secured in accordance with the terms of the
mortgage or as authorized by law, including the amounts specified in a
judgment of foreclosure in accordance with subsection (d) of Section 15-1603.
(Source: P.A. 84-1462.)
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(735 ILCS 5/15-1302) (from Ch. 110, par. 15-1302)
Sec. 15-1302. Certain Future Advances. (a) Advances Made After
Eighteen Months. Except as provided in subsection (b) of Section 15-1302, as to any
monies advanced or applied more than 18 months after a mortgage is
recorded, the mortgage shall be a lien as to subsequent purchasers and
judgment creditors only from the time such monies are advanced or applied.
However, nothing in this Section shall affect any lien arising or existing
by virtue of the Mechanics
Lien Act.
(b) Exceptions.
(1) All monies advanced or applied pursuant to | ||
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(2) All monies advanced or applied, whenever advanced | ||
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(3) All monies advanced or applied in accordance with | ||
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(4) All interest which in accordance with the terms | ||
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(5) All monies advanced by the mortgagee in | ||
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(Source: P.A. 96-328, eff. 8-11-09.)
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