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Public Act 104-0101
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| SB1443 Enrolled | LRB104 07581 JRC 17625 b |
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The Mortgage Act is amended by adding Section |
17 as follows:
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(765 ILCS 905/17 new) |
Sec. 17. Notwithstanding any other provisions of this Act: |
(1) The Act does not abrogate the Illinois common law |
that the payment in full of a debt secured by a mortgage |
extinguishes the lien. |
(2) Payment in full of a debt secured by a mortgage |
pursuant to a payoff statement, as defined in Section 5 of |
the Mortgage Certificate of Release Act, issued by or on |
behalf of the holder of the indebtedness extinguishes the |
lien of the mortgage.
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Section 99. Effective date. This Act takes effect upon |
becoming law. |